Sir,
In patnership firm Sale Rs. 60 Lacs Net profit Rs. 20000/- Can we file ITR without Audit? or audit mandatory in this case. Which ITR form we need to file ?
Thank you.
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Patnership Firm Audit Mandatory.
Replies (5)
ITR 4 if filing under sec, 44AD IT act; otherwise ITR 5.
Tax audit mandatory only if opted out of sec. 44AD in any of precedding 5 years; otherwise no.
Sir, one more query Actually Earlier its proprietership from 1st april to 29 May 2023 work under proprietership. and from 1st June to 31 March 2024 Work under patnership firm so Sir, we need to prepare two balance sheet.
1 Balance Sheet ( Prop.) 1.04 to 31.05.23
2. Balance Sheet ( Patnership) 01.06 to 31.03.2024
1 Balance Sheet ( Prop.) 1.04 to 31.05.23
2. Balance Sheet ( Patnership) 01.06 to 31.03.2024
For filing ITR of partnership firm consider only the data related to its PAN, not earlier one.
Thank you Sir,
You are welcome
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