Tax audit of partnership firm

806 views 17 replies

my partnership firm for FY2018/19 turnover is 15 lac.
I have income 18000₹ only.

I don't want to opt 44AD.

can tax audit is compulsory and which ITR will file

Replies (17)

1. According to sec 44AB tax audit will be applicable only if your Gross receipts or T.O exceeds Rs. 1 crore during the year. 
2. In the above case since your T.O is only Rs. 15 lakhs tax audit u/s 44AB will not be applicable even if you don’t opt for presumptive taxation scheme u/s 44AD. 
3. In your case, ITR-3 can be filed. 
Please correct me if the above solution has an alternative view. 

thanks sir it is best solution.

You are welcome Sir

ITR 3 with sec 44AA....
ITR3 is only for individual and HUG

In my opinion, Income from partnership firm is Rs 18000/- which is less than 6%/8% of the total turnover plus income is more than maximum exemption limit. So you are required to get audited books of accounts of partnership firm, If opted for 44AD in previous year.

Yes... You are exactly correct.

But, You are not asking for ITR to Firm...

Please read Your query dear...
can I file ITR5 for firm
Yes... File ITR 5 for Firm with sec 44AA...
@ Raja P M. Is Tax Audit Not applicable?
Yeah....

Not applicable...
Just to confirm I am talking about partnership firm audit.
Can you please refer the relevant clause of non applicability.
Yes Dear...
I'm talking about the same...
But by virtue of clause (e) of section 44ab, tax audit is mandatory. Correct me if I m wrong.

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