Filling balance sheet & profit loss a/c
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 September 2017
Dear Seniors.
We are partnership entity in FY 2016-17 our turnover is 33 Lacs However Net profit is 165788@5.02%
Pls clarify the following doubt :- since the income is not chargable to tax I.e. below 2.5 Lacs whether tax audit will be applicable,
If not whether Non audited balance sheet & profit/ loss a/c will be filled along with the return.
Thanks in Advance
Rohit singh
We are partnership entity in FY 2016-17 our turnover is 33 Lacs However Net profit is 165788@5.02%
Pls clarify the following doubt :- since the income is not chargable to tax I.e. below 2.5 Lacs whether tax audit will be applicable,
If not whether Non audited balance sheet & profit/ loss a/c will be filled along with the return.
Thanks in Advance
Rohit singh
02 September 2017
Since net profit before distribution of Firm profit among partners, is less than 8% of turnover - It is mandatory to get accounts audited U/s 44AB.
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 September 2017
But sir many CA are In the views that if income is not chargable to tax hence No audit. In which case it happened whether in the case of proprietary entity
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