In India, audit of Partnership firm is:

Compulsory

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Optional

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Statutory by law

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None of these

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Solution

The correct option is A Optional
In India, no compulsory audit is provided by Indian Partnership Act, 1932. As per the Income Tax Act , 1961, Tax audit of Partnership Firm is mandatory if the turnover exceeds One Crore Rupees in case of business and Rupees Twenty Five lakhs in case of Profession.

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