Anchal moonat (CA) (48 Points)
12 December 2015
Ruchi
(CA)
(1410 Points)
Replied 12 December 2015
Previous years losses have nothing to do with applicability of audit in the current year. You must see the current years case.
Anchal moonat
(CA)
(48 Points)
Replied 12 December 2015
Jaspal Singh
(Practising CA)
(449 Points)
Replied 12 December 2015
Audit u/s 44AB depends on the turnover/receipt
If firm doing business exceeds the limit of Rs .1 Crore or in case of proessional firm exceeds the receipts limit of Rs. 25 Lakhs for previous year,firm will be liable for tax audit.
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