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Tax audit mandatory or not

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GSTP
289 Points Posted on 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??

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On 26 October 2021 at 11:45 Report
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ca
603 Points Posted on 26 October 2021
No. If you are showing profit more than 8% of turnover.
ITR 3 should be filled
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On 26 October 2021 at 11:57
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GSTP
289 Points Posted on 26 October 2021

PROFIT BELOW 8% ONLY, 

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On 26 October 2021 at 12:04
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Practice
3235 Points Posted on 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 %.
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On 27 October 2021 at 09:20
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ca
603 Points Posted on 27 October 2021
You have to get your accounts audited and file ITR 3
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On 27 October 2021 at 22:25
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9 Points Posted on 27 October 2021
ITR-5, not ITR-3.ASSESSEE IS A PARTNERSHIP FIRM
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On 27 October 2021 at 23:03
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Chartered Accountant
24588 Points Posted on 03 November 2021
File ITR 5
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On 03 November 2021 at 13:12


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