its urgent....
is it required to get tax audit if loss booked by partnership firm in A.Y. 2016-17 ???????
please provide source also.............
3 Replies
CA Harshal Totla
(Chartered Accountant)
(2229 Points)
Replied 27 July 2016
As per section 44AB, an Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if he in the previous year, is carrying on business and his Total Sales/Turnover exceeds Rs. 2 crore.
So, it doesn't matter whether the firm has earned profit or incurred loss in previous year, he is liable for tax audit if sales/turnover/receipts criteria given above is exceeded
So, it doesn't matter whether the firm has earned profit or incurred loss in previous year, he is liable for tax audit if sales/turnover/receipts criteria given above is exceeded
MANJU MC
(Student CA IPC / IPCC)
(50 Points)
Replied 27 July 2016
in the above case if the turnover is less than 1 crore, profit is less than 8 percent i. e. loss. then is tax audit is applicable?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 08 August 2016
Mr. Harshal is right, Tax audit is required even when there is loss. Refer:
/experts/tax-audit-for-partnership-firm-1383214.asp
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