Poonawalla fincorps
Poonawalla fincorps

Audit under income tax act

This query is : Resolved 
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(Querist)
12 July 2012 if sale is rs. 54 lac
net profit is rs 37000
partner salry is rs. 270000
partner capital interest is rs. 170000
then whether their is requirement of audit
the assesee is a partnership firm
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
12 July 2012 Is it business or profession???

If it is business then tax audit is not required otherwise tax audit is applicable.

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