Firm at loss
NICSON JOHN (514 Points)
08 March 2022
can i file itr of my firm as loss...without audit..?? my turnover is below 1 cr..pls rply thanks in advance
3 Replies
Himanshu Singh
(77 Points)
Replied 08 March 2022
Professionals hold both views, very much debatable. But in my opinion tax audit would be required in such cases but there are scenarios where assessee has filed return without audit and they were duly processed. So its bit debatable
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 08 March 2022
Business loss has to be audited irrespective of turnover..You must go for Audit .Else it may be considered as defective return
ramesh rahul
(20 Points)
Replied 01 June 2022
No need to audit since income is less than basic exemption limit (BEL for firm is 0).. u can file a loss return..
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