Dear Sir,
I have partnership firm & my Gross receipt is 26 lakh but my net profit is below 6% so is it liable for tax audit.
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Partnership itr file without Audit report
Replies (2)
Yes Under Section 44 AD of Income tax Act 1961 Tax Audit will be Applicable
Not if it be your first year of operation, or presumptive assessment u/s. 44AD was not opted in preceding year/s.
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