partnership firm Tax Audit
vinod kumar pal (Tax Consultant) (415 Points)
28 August 2019vinod kumar pal (Tax Consultant) (415 Points)
28 August 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 28 August 2019
1. Since the T.O or gross receipts of the partnership firm is less than Rs. 1 crores or Rs. 50 lakhs (in case of a profession) there will not be a tax audit in the above case.
2. But make sure to determine correct profit as per sec 40(b) considering interest on capital and remuneration to partners.
Please correct me if the above solution has an alternative view.
vinod kumar pal
(Tax Consultant)
(415 Points)
Replied 28 August 2019
Kapadia Pravin
(17259 Points)
Replied 28 August 2019
vinod kumar pal
(Tax Consultant)
(415 Points)
Replied 28 August 2019