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Partnership firm.

Jyoti Narang (Kkk) (1203 Points)

04 January 2021

whats the conditions for tax audit of partnership firm.

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CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 04 January 2021

You should opt for presumptive taxation u/s 44AD @ 8% profit on turnover in case of partnership but your turnover should be less than 2 crores rupees

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Smit Shah (524 Points)
Replied 04 January 2021

There is different provision for partnership firm if it's turnover exceeded threshold limit mantioned in 44AB then it is liable for audit.

Balamurali Unnithan MS (STUDENT) (1631 Points)
Replied 04 January 2021

No BLS ( Basic Exemption Limit )

If nill return , can file return

Tax audit mandatory apllicable , if turnover exceeds Rs .2 Crores!

Smit Shah (524 Points)
Replied 04 January 2021

In income tax tax audit applicable only if turnover exceeds Rs.1 crore or 5 crore as the case may be or under presumptive tax if he claims lower profit

Krishna Chaudhary (Accountant) (4531 Points)
Replied 05 January 2021

TURNOVER above 1cr.

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Jyoti Narang (Kkk) (1203 Points)
Replied 05 January 2021

In brief if turnover exceed 1 cr or 2 cr as the case may be and profit lower than 8/ pf the turnover.

Balamurali Unnithan MS (STUDENT) (1631 Points)
Replied 05 January 2021

Partneship -cannot opt for presumptive scheme , file IT as normal business income !

Jyoti Narang (Kkk) (1203 Points)
Replied 05 January 2021

Yes it can't but if profit is less than 8/ of turnover then normal itr5 is to be filled or audit is applicable on it.

Krishna Chaudhary (Accountant) (4531 Points)
Replied 08 January 2021

If turnover exceeds 1 CR
if you are taking the presumy to taxation then income is below the percentage described

Jyoti Narang (Kkk) (1203 Points)
Replied 08 January 2021

Can we take presumptive taxation for firm if turnover is less than 1 cr

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Krishna Chaudhary (Accountant) (4531 Points)
Replied 08 January 2021

Yes you take 44AD if turnover is less than 2cr

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