Partnership firm

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2017 Dear Sir,

My Gross Receipt is Rs. 758650/- and Net Profit is Rs. 14685/-.
Do I need to do tax audit if it is less than 8% ???

thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 December 2017 Yes, tax audit u/s 44AB(e) is required.

Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2017 What to do if not want to do tax audit ??? Now what to do if it is for F.Y. 2016-17 ???

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Expert : Anonymous

Expert : Anonymous (Expert)

05 December 2017 Show profit above 8 percent.... If you have books of accounts then you ll be file u/s 44aa and profit above 8 percentage... If you don't have books of accounts then go to file u/s 44ad* and profit above 8 percentage... Note: Check your eligibility of section 44AD...