Poonawalla fincorps

Tax Audit Mandatory or Not in case of Partnership??

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(Querist)
12 July 2017 Dear Experts/ Members kindly confirm if firm is having loss in FY 2016-17 is Tax audit mandatory? Turnover less than 40 lakh. Regards
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
12 July 2017 Tax audit to be done if your declared profit is less than 8% or loss.
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
12 July 2017 No need to get audited. As per 44 AD if income is below 8% & above taxable limit then only you are required to get audited.
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Amol S Joglekar

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Amol S Joglekar (Expert)
12 July 2017 2 views exist in CA community as suggested by the experts above.
(From income tax department's angle, the reason why LOSS cases need not be audited may be because....as it is the loss cases are compulsorily selected for SCRUTINY)

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