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Partnership firm tax audit.
my Straight forward ques s that...
Whether a Partnership firm is liable for audit if it was in loss for previous year....
Replies (4)
Previous years losses have nothing to do with applicability of audit in the current year. You must see the current years case.
Please Elobrate.please give me complete refrance with details.
It was ....Reference *
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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