wiz-icon
MyQuestionIcon
MyQuestionIcon
10
You visited us 10 times! Enjoying our articles? Unlock Full Access!
Question

__________ are not legally required to get their financial statements audited.

A
Companies
No worries! We‘ve got your back. Try BYJU‘S free classes today!
B
Banks
No worries! We‘ve got your back. Try BYJU‘S free classes today!
C
Partnership firms
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
D
Insurance companies
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution

The correct option is B Partnership firms
No compulsory audit is provided by the Indian Partnership Act, 1932. But as per the Indian Taxation Act, 1961 Tax audit of partnership firm is mandatory if the turnover exceeds Rs. one crore in case of business and Rs. Twenty Five lakhs in case of profession.

flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Financial Statements of NPO
ACCOUNTANCY
Watch in App
Join BYJU'S Learning Program
CrossIcon