is audit of partnership firms made compulsory ? please clarify ?
7 Replies
Pavani Turaga
(53 Points)
Replied 07 September 2007
tax audit is compulsary if gross receipts exceed 10 lacs /40 lacs as the case may be
but as per partnership act there is no requirement for stat audit, however the partners can provide otherwise in the deed
CA RAJESH GUPTA
(CA)
(321 Points)
Replied 09 September 2007
Yes It should be made compulsory keeping in view the indian business environment.
vijay
(Advocate)
(17 Points)
Replied 14 September 2007
Only is case where the gross receipts exceed 10 lacs /40 lacs as the case may be, is complusary & from A.Y. 2007-08 e-filling is being made mandatory & no paper submitting of the return for a Auditable Partnership firms
Vijay satvara
(Student)
(40 Points)
Replied 05 August 2016
Dear Sir,
Can partnership Firm accept loan from their statutory auditor?
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