Applicability of Tax audit !
This query is : Resolved
RK AND ASSOCIATES
(Querist)
11 August 2017
if partnership or proprietorship wants to book loss for the year! even when turnover is 50 lacs but expense 55lacs so, net loss is Rs .500000/
in this case is tax audit applicable as per 44ad profit not shown/
CA Rashmi Gandhi
(Expert)
11 August 2017
No tax audit applicable as income is below taxable limit
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RK AND ASSOCIATES
(Querist)
12 August 2017
Thank u so much madam.
But out of books loss of Rs.500000 if income tax disallowed partners remuneration Rs.600000
Now, we have profit and are paying tax on Rs 100000, is this going to have any effect on Applicability of tax audit.
But out of books loss of Rs.500000 if income tax disallowed partners remuneration Rs.600000
Now, we have profit and are paying tax on Rs 100000, is this going to have any effect on Applicability of tax audit.
CA Rashmi Gandhi
(Expert)
12 August 2017
No because such income is below taxable limit
Message likes :
1 times
15 October 2021
For partnership firm the tax liability starts at Rs. 1; so the answer changes...
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