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audit of partnership firms

anmol (Final Student) (132 Points)

07 September 2007

is audit of partnership firms made compulsory ? please clarify ?

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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

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Late CA Sampat Jain (Chartered Accountant) (4772 Points)
Replied 08 September 2007

yes

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