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audit query

bharat (STUDENT) (14 Points)

24 August 2018

audit is must for partnership firm

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3 Replies

Ruchika Somani (Coaching and Practice in Tax Audit Law.) (4429 Points)
Replied 24 August 2018

In case of partnership firm doing business and turnover crosses 1CR or NP below 8% or doing profession and turnover crosses 50lac or NP below 50% or doing business and opted for 44AD and turnover crosses 2CR

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CA P V N Varma (CA ) (609 Points)
Replied 24 August 2018

if firm doing business audit is applicable only if turnover crosses 1 Crore
if firm doing professional services then audit applicable only if turnover crosses 50 lakhs
if firm wants to declare profit under Presumptive Taxation u/s 44AD then turnover is 2 crores for Tax audit

Ashok Thangasamy (2 Points)
Replied 30 August 2018

I am TNEB retiree. My net taxable income from my salary till my retirement is Rs.800000. My earn leave encashment payment on my terminal benefit from my retirement is Rs.600000. Kindly clarify whether the sum of Rs.600000 is to be added with Rs.800000 for the tax calculation as per tax slap. Kindly clarify please. Ashok Thangasamy 7010650151.