my parnership firm turnover 80lakh for the Financial year 2020-21, is tax audit mandatory??
if NO, then which ITR to be file??
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Tax audit mandatory or not
Replies (6)
No. If you are showing profit more than 8% of turnover.
ITR 3 should be filled
ITR 3 should be filled
PROFIT BELOW 8% ONLY,
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 %.
You have to get your accounts audited and file ITR 3
ITR-5, not ITR-3.ASSESSEE IS A PARTNERSHIP FIRM
File ITR 5
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