Total Turnover of a Partnership FIRM : 38,00,000/-
Income from business of Retail Trading (5% of Rs. 38,00,000/-) : 1,90,000
Salary & interest paid to partners as permitted by section 40b : 2,00,000
Income from Retail business : (10,000)
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Whether this income is eligible to get Audit ?
Replies (5)
THIS INCOME IS NOT ELIGIBLE FOR TAX AUDIT. AS PER SEC 44AB IF TURNOVER IS ABOVE 40,00,000 THEN TAX AUDIT MANDATROY
FULLY AGREED WITH MANISH. U R NOT ELIGIBLE TO GET AUDIT U/S 44AB.
REGARDS,
MANOJ
YES THERE IS NO ANY REQUIREMENT OF AUDIT IN YOUR CASE.
Yes, there is no requirements of tax audit.
For retailer firms, if NP rate before Interest on Capital & Remuneration to partners is 5% or above and Sales does not exceed 40 lac, u will not come under 44AB, same is in ur case. Hence no tax audit is reqd.
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