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
For presumptive taxation you have to maintain it for 5 years.
In case turnover is less than threshold limit then audit is not applicable. Carry forward the losses
CAclubindia
