11 March 2014
1. Audit will be mandatory in the following 2 cases:
(a) If the turnover EXCEEDS Rs. 25 lakhs in case of professional or Rs. 1 crore in case of others. (b) If the turnover is less than Rs. 1 crore AND income declared is LESS than 8% of the gross receipts.
However, in case of loss audit is NOT mandatory. This is because sub-section 5 of Section 44AD provides that audit will be mandatory if profit declared is LESS than 8% AND the income exceeds the maximum amount not chargeable to tax.
In case of partnership firm the maximum amount not chargeable to tax is NIL (0). Since there is a loss, the income DOES NOT EXCEED the maximum amount not chargeable to tax.
2. Filing of return is MANDATORY for a partnership firm irrespective of the income. Further, it is MANDATORY to file a return if you want to carry forward the loss.
3. Due date of filing ROI for partners of a partnership which is required to get its accounts audited is 30th September.
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