13 June 2023
if an individual person registerded under gst in one state with turnover app. Rs 1.16 cr. and partner in other firm in another state with turnover Rs 1 cr app. Cash entries is more than 5 % in both. His ITR will be audited or not? how can club turnover because he is 50% partner only in other firm?
13 June 2023
The turnover of partnership firm is independent of the turnover of individual, as PAN & GSTIN of both the entities are different. Audit liability is calculated on turnover of each PAN independently.
CAclubindia
