Partnership firm

This query is : Resolved

Report Abuse Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

08 July 2017 Is it compulsory to maintain 6% profit on turnover in the case of Partnership Firm as per latest updates?

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

09 July 2017 in cases where the turnover is below 2 cr and you do not want to maintain books, then the minimum profit to declare is 6% in case of turnover routed through banking channels and 8% for cash turnover.

In case you want to declare less profit, then you need to maintain books of accounts and get it audited.