Hello,
I have a partnership firm,
Sales = 38,00,000.
Gross profit = Rs. 614000
Net Profit Before Remuneration to partners is Rs. 308000 i.e 8.1%
Remuneration is Rs. 270000 on 3 lakhs then 4800 on balance 8000.
Net profit after remuneration is Rs. 3200
So in the above case please suggest me whether am i liable to income tax audit?
Or can i file normal income tax return i.e ITR 5 with tax audit as the above case is for F.Y 2018-19.