We are in the process to finalize the accounts of a Partnership for FY-2021-22 by April 2nd Week.
Tax Audit has to be done for this .
Kindly drop a PM or you can reply to this by quoting your fees
13 Replies
CA Surya Sekar
(CFO )
(1347 Points)
Replied 06 March 2022
It depends on quantum of work & time taken
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 06 March 2022
Is presumptive Taxation applicable if turnover is upto 2 crores for profession ?
CA Surya Sekar
(CFO )
(1347 Points)
Replied 06 March 2022
No.Its not eligible for Presumptive Taxation.
You must go for Tax Audit
You must go for Tax Audit
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 06 March 2022
Can we pay tax on 50% of turnover & skip the tax Audit ?
sabyasachi mukherjee
(27574 Points)
Replied 06 March 2022
What's the partnership firm gross receipts/profit after tax.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 06 March 2022
Turnover 1.75 Crores till March 2022..
CA Surya Sekar
(CFO )
(1347 Points)
Replied 06 March 2022
Tax Audit is mandatory for profession if turnover exceeds 50lakhs..
44ADA is not applicable in your case
44ADA is not applicable in your case
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 06 March 2022
Upto 2 crores turnover , presumptive Taxation applicable right ?
CA Surya Sekar
(CFO )
(1347 Points)
Replied 06 March 2022
That might be business & not for profession..
For profession tax audit & 44ADA limit both are same (50lakhs)
For profession tax audit & 44ADA limit both are same (50lakhs)
JJJ
(Need help)
(675 Points)
Replied 06 March 2022
I thought the auditor mafia had a fixed rate chart (depending on city)? Or has that changed?
In any event, if you can get this partnership to qualify to bo considered a business, and the turnover is under 2 crores, then you can declare a profit of 6-8%, pay the advance tax by 31 March and skip the tax audit.
If it can't be called a business, then you're stuck dealing with a tax audit and paying more taxes and paying the auditor too.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 06 March 2022
@ JJJ,
That is good idea
Highly appreciated 🤗
That is good idea
Highly appreciated 🤗
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