Hi Friends,
Whether Tax Audit u/s 44AB is applicable in case of Partnership firm where the net income after Interest on capital and remuneration to partners is less than 8% of Gross receipts for AY 2017-18.
Kindly reply.
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Whether tax audit is applicable to partnership firm ??
Replies (3)
Yes it is applicable. Anyhow if net income figure is going below 8% of turnover then tax audit is applicable, doesn't matter which expenses you consider!
Upto turnover 2crore it will exemp if you opt for presumptive taxation scheme u/s 44AD
Also consider concession of 2% in case of receipts in bank account/ payments received through digital mode.
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