Is Tax Audit Mandatory In Case of Partnersgip Firm having Turnover of Rs. 32,00,000/- and having loss of Rs. 50,000/- ?
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 28 July 2018
Tax audit is mandatory in 2 condition:
1.If turnover of Co. crosses 1cr and professional turnover crosses 50lakh
OR
2.Profit % of co. is below 8% and of professional receipts is below 50%
Sumit Gupta
(120 Points)
Replied 28 July 2018
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 28 July 2018
2CR LIMIT IS FROM FY2018-19.
RAJA P M
("Do the Right Thing...!!!")
(127142 Points)
Replied 28 July 2018
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