I m having partnership firm up to last yr we r going under audit as profit below 8 percent and turnover above 1 crore
now this yr my turnover is 35 lakh only and firm shows loss. is it necessary to do audit of my firm.
plz suggest
7 Replies
veerendar singh
(tax consultant)
(3306 Points)
Replied 14 June 2021
If total income is above 2.5 lacs then audit is applicable
Manikanta juluri
(Student)
(252 Points)
Replied 14 June 2021
If partners decided to declare 8% profit then no Audit is required otherwise Audit is mandatory
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 14 June 2021
Tax audit is not required
Sivaramaraju G
(Learner)
(2398 Points)
Replied 14 June 2021
Here no slab will be applicable for firm hence 2.5 lac is irrelevant for firm I guess. correct if I am wrong.
Karan Prajapati
(170 Points)
Replied 15 June 2021
Audit is not mandatory since the T/o is below 1 Cr and Net Income is negative i.e. Loss
Recent Topics
- A builder or Developer has to receive completion c
- TDS paid 5% instead of 2%
- Whether deduction u/s 43B available post conversio
- B2B Invoice Ammendment
- Foreign bank charges
- Net worth certificate for Joint Owners
- Investment Strategy to avoid Capital Gain in case
- Tution fees
- Regarding GSTIN CORRECTION in GSTR1 current period
- GST Registration in the state of Maharashtra
Related Threads
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
