Hello Sir,
I am filling the income tax return for partnership firm. as per clause if my tunover exceeds 1 crs then only I need to do the tax audit.
My turnover during the AY 2017-18 is less than 1 crs but I have incurred a loss this year so can i file for loss return.
Also for AY 2016-17, my turnover is less than 1 crs but profit was less than 8% so can I file return for less than 8%.
What wiill be the consequences if I will do return as per above criteria.
Kindly please reply on my queries.
CAclubindia
