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