Loss in Partnership Firm
This query is : Resolved
07 January 2020
A partnership firm with a yearly.turnover of 7.00 lac has incurred a net loss of Rs. 10,000/- during FY 2018-19 before allowing interest/salary to partners. Whether the net loss can be declared U/SD.44AD or Tax audit is mandatory ?
08 January 2020
Loss can be declared no tax audit required.
08 January 2020
Above case Tax audit not required
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