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Tax audit applicablity

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 March 2016 MY FRIEND HAVING PARTNERSHIP BUSINESS, HE HAS STARTED BUSINESS IN MARCH 2015,
FOR FY 2014-15 THERE IS LOSS IN FIRST YEAR. THEN THIS RETURN REQURIED TO GET AUDITED U/S 44AB
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
30 March 2016 Yes, if your income declared less than 8% on gross turnover, than your books get to be audited u/s 44 AB
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Amol S Joglekar

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Amol S Joglekar (Expert)
31 March 2016 If the partnership firm is carrying on "eligible business", then TAX AUDIT is applicable.
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