Partnership firm.
Jyoti Narang (Kkk) (1204 Points)
04 January 2021
whats the conditions for tax audit of partnership firm.
11 Replies
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
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!
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
Jyoti Narang
(Kkk)
(1204 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)
(1204 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
if you are taking the presumy to taxation then income is below the percentage described
Jyoti Narang
(Kkk)
(1204 Points)
Replied 08 January 2021
Can we take presumptive taxation for firm if turnover is less than 1 cr
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 08 January 2021
Yes you take 44AD if turnover is less than 2cr
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