Dear Sir please tell me if I have file ITR 5 and net profit below 8% of Partnership firm then Audit is mandatory.
If I have file ITR 4 U/s 44AD then NP 8% OR 6% or above is mandatory.
Total Turnover is 2,50000
Nature of Business is Job work
please clarify above points
I am confused to which form choose to file return
4 Replies
CA P V N Varma
(CA )
(609 Points)
Replied 25 August 2018
Audit is applicable only if Firm turnover exceeds Rs. 1 Crore so if you wish to file ITR 5 no problem you can....
if u wish to.file ITR 4 then you must offer at least 8% of turnover (6% in certain cases) as business profit.. if opt for Presumptive then next 4 years you must offer your profit under Presumptive other wise liable for tax audit u/s 44AB and maintenance of books of accounts u/s 44AA..
if u wish to.file ITR 4 then you must offer at least 8% of turnover (6% in certain cases) as business profit.. if opt for Presumptive then next 4 years you must offer your profit under Presumptive other wise liable for tax audit u/s 44AB and maintenance of books of accounts u/s 44AA..
vinod kumar pal
(Tax Consultant)
(415 Points)
Replied 25 August 2018
if choose ITR 5 then NP is below 8% without Audit
CA P V N Varma
(CA )
(609 Points)
Replied 25 August 2018
yes if you choose ITR 5 up to 1 Crore turnover no tax audit u/s 44AB
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