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29 April 2015 when is audit required in partnership firm ?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
02 May 2015 Tax Audit is required U/s 44AB of the Income Tax Act.

Audit is required when the Turnover, Gross Receipts or Sales of the firm engaged in business exceeds Rs. 1.00 crore.

The limit is Rs 25.00 lac "Gross Receipts" in case of professional firms.

Except the above certain firms are liable for VAT Audit and Excise Audit etc.
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