20 June 2017
Dear experts,
we have registered a partnership firm in August 2016. The firm is in prototype development phase,we have generated no revenue.
I have to file ITR for FY 216-17.
I want to carry forward the losses from FY 16-17.
so my query is it necessary to do tax audit to carry forward losses.
21 June 2017
but in partnership firm there is no basic exemption limit then how can his second condition be satisfied ?
For the tax audit to be applicable, both the conditions are to be satisfied that Income less than 8% and net income more than minimum amount chargeable to tax.
21 June 2017
dear Ashwini Kumar & Rashmi,
can you please elaborate the case?? bz in this case firm income has not exceeded the maximum amount which is not chargeable to income tax
CAclubindia
