partnership firm has turnover of rs.400000 and has loss of 20000/-
whether Audit is required or not
Yes
2 Replies
CA Ankit R Momaya
(Partner at Bhat Momaya & Associates)
(2319 Points)
Replied 29 August 2018
As per Law, not required as the amount does not exceed amount chargeable to tax. i.e. it is a loss.
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