Profit shown by a partnership firm under audit
This query is : Resolved
09 December 2013
my query is, if a partnership firm whose gross turnover exceeds rs.10crore in a f/y can show profit at a rate less than 1% of turnover ??
that is if the actual profit earned by the firm is as low as 0.5% of its turnover and it gets its books audited by a practicising C.A will this be accepted by the govt./department?
that is if the actual profit earned by the firm is as low as 0.5% of its turnover and it gets its books audited by a practicising C.A will this be accepted by the govt./department?
09 December 2013
if your books of accounts are audited by practising C.A. then no matter whatever your profit is.
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09 December 2013
you mean if the firm gets its books of account audited then whatever low my profit rate is it will make no impact and it will be valid
09 December 2013
actually one of my friend through its firm has made turnover of 10crore this year and he gets his books audited but he claims that his profit on rs.10crore is only 6lacs
09 December 2013
Yes it is possible.
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