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Tax audit mandatory or not

Jishad T (GSTP) (282 Points)

26 October 2021  

my parnership firm turnover 80lakh for the Financial year 2020-21, is tax audit mandatory?? 

if NO, then which ITR to be file??


 6 Replies

Janak Shah (ca) (560 Points)
Replied 26 October 2021

No. If you are showing profit more than 8% of turnover.
ITR 3 should be filled

Jishad T (GSTP) (282 Points)
Replied 26 October 2021

PROFIT BELOW 8% ONLY, 

CA ABHAY GUPTA (Practice) (3171 Points)
Replied 27 October 2021

If you have opted for sec 44AD in earlier year and in this year you are showing income not as per 44AD(1) i.e. profit below 6 or 8 % as the case may be then 44AD(4) and 44AD(5) will apply and you need get your accounts audited for current and for next 5 years irrespective of turnover and profit %.

Janak Shah (ca) (560 Points)
Replied 27 October 2021

You have to get your accounts audited and file ITR 3

JAVED MEMON (9 Points)
Replied 27 October 2021

ITR-5, not ITR-3.ASSESSEE IS A PARTNERSHIP FIRM

Sourav (Student) (23917 Points)
Replied 03 November 2021

File ITR 5

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