my parnership firm turnover 80lakh for the Financial year 2020-21, is tax audit mandatory??
if NO, then which ITR to be file??
6 Replies
Janak Shah
(ca)
(603 Points)
Replied 26 October 2021
No. If you are showing profit more than 8% of turnover.
ITR 3 should be filled
ITR 3 should be filled
CA ABHAY GUPTA
(Practice)
(3230 Points)
Replied 27 October 2021
If you have opted for sec 44AD in earlier year and in this year you are showing income not as per 44AD(1) i.e. profit below 6 or 8 % as the case may be then 44AD(4) and 44AD(5) will apply and you need get your accounts audited for current and for next 5 years irrespective of turnover and profit %.
Janak Shah
(ca)
(603 Points)
Replied 27 October 2021
You have to get your accounts audited and file ITR 3
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