Tax audit of partnership firm

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RaAaM (Querist)
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04 January 2014 a partnership firm audited his account in AY 12-13, but in the AY 13-14, the turnover of the company is NIL and only income is from capital gain.is it mandatory to the firm to make tax audit .........

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CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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04 January 2014 no the firm is not required to get the accounts audited U/s.44AB

if the turnover of the Firm is NIL

since there is no income under Business or profession no audit is required

only income of Capital gain has to be computed as per the manner provided in law

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