tax audit for partnership firm in loss
This query is : Open
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.
20 June 2017
Yes you have to as your income is less than 8% of turnover.
20 June 2017
No need for Tax audit.
Just Prepare your accounts I.e computation, fill ITR form and upload on income tax website.
20 June 2017
I also agree with Ms.Rashmi i.e you will be liable for tax audit
20 June 2017
Could you please explain why tax audit is required in this case??
20 June 2017
dear Ashwini Kumar & Rashmi,
the income is zero.. could you please explain why tax audit is necessary?
21 June 2017
As per Sec 44AD tax audit to be done if the profit is claimed less than 8% of turnover & income is less than basis exemption limit
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.
Message likes :
1 times
21 June 2017
Completely agree with Ashwini Kumar Ballodai
21 June 2017
net income is zero. for firm min amount chargeable to tax is 1 rs. so net income is less than min amount chargeable to tax...
21 June 2017
is it compulsory to opt for sec 44AD.?
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
- Need to correct "Whether it is last installment " response in Form 26 QB
Trending Online Classes
CAclubindia
