Dear Sir,
My query is regarding partnership firm
- What is the maximum turnover limit for partnership firm for Audit?
- Currently firm turnover is 24Lac and net profit is 45000/- only do audit is mandatory? This is new firm first filing.
- Example - If we haven't file under section 44AD in any previous year and our turnover is 99lakh in FY 2020-21 and profit is 100000 do we need to do audit? Can we show only 1lac profit without doing audit?
- In above question my profit is below 6/8% audit is mandatory or not? If I haven't file under 44AD in any preceding yr? If audit is not mandatory please explain why?
- If we will cross 1cr turnover than only audit will come and below 1cr turnover can we show any profit without having audit?
Please explain above case one by one it will be really help me to understand more and clear. Thanks
CAclubindia
