Tax audit of partnership firm in case profit is zero

10 July 2020

Whether a partnership firm is required to get their accounts audited if their net profit is zero and turnover is also less than 1 cr

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2 Replies

CA Sunil Kumar (Chartered Accountant) (4524 Points)
Replied 10 July 2020

No tax audit for turnover less than 1 corore and Net profit is zero

Ravi SADhiyan (Practice) (4510 Points)
Replied 10 July 2020

Originally posted by : Aashu Goyal
	Whether a partnership firm is required to get their accounts audited if their net profit is zero and turnover is also less than 1 cr

If You File return under section 44AD and show profit 8 %

Otherwise you are required to Tax Audit if show profit as specified under 44AD

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