Priyanka Upadhyay (1 Points)
23 May 2022Dear All,
I have a partnership firm and I do trading through that firm and its a 2 years old firm.
Last year I had incurred a loss in the firm and have submitted the return accordingly.
This year I am in profit as per my P/L report but if I put my expense(All are done online) my income or profit is negative.
My turnover is 4 cr. so if I file my return showing loss do I need to do audit of my file.
Please help...
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 23 May 2022
If Cash receipt and payment are up to 5%, then there is no need to get your accounts audited up to Rs. 10 Crore of turnover.
Otherwise, a tax audit is applicable if total sales, turnover or gross receipt from the business during the previous year exceeds Rs. 1 crore
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 23 May 2022
CAclubindia
