hi team
if partnership firm has turnover of near 2 crores
receiving receipts and payments digitally and more than 95% transactions are more than digitally
for above case, Tax audit is applicable or not
please confirm and thanks for your help
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Tax audit for near 2 crores
Replies (10)
Quick Summary
For which AY ?
This is for current year, AY 23-24
Not required to audit....
Current year not required but past year transactions.
Past year is less than 1 crore turnover
Amendment has come considering the % of receipts by online mode
Ok, current year we did only online transactions
Audit is not required if the turnover is less than 10 crore, subject to condition of 5 percent cash transaction
Audit is not required as per the ceiling mentioned by above member
hi friends
we have partnership firm, in FY 18-19 we opted for presumptive income and next year's onwards we are filling normal tax return and not filling under presumptive tax return
we are planning to file this year under presumptive income
our doubt can we opt for presumptive income or not we heard that can't file under presumptive for 5 years due to miss out
please clarify us, thanks for your support
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