Tax audit
rakhi agarwal (student) (189 Points)
13 September 2016
whether tax audit is required in case of loss in partnership firm??
4 Replies
Mohan
(Audit Assisstant & Accounts Manager)
(489 Points)
Replied 13 September 2016
tax audit is subject to conditions provided for gross income/turnover. Profit or loss is irrelevant. Please refer to section 44AB of I.T.Act.
rakhi agarwal
(student)
(189 Points)
Replied 13 September 2016
Thank u for d response, in case assessee turnover is less than 1 cr and dere is a loss in d firm whether there will be a need of tax audit as per d provision of sec44ad read with sec 44ab
Mohan
(Audit Assisstant & Accounts Manager)
(489 Points)
Replied 13 September 2016
As I said, profit/loss has no relevance except if covered under 44AD. Please check which conditions you fulfill as per the nature of your business.
mohammad rasool baig
(Management Consultant)
(1026 Points)
Replied 15 September 2016
Even if the turnover is less than 1 crore, a tax audit is applicable if the assessee income is less than 8% of gross receipts/income. Section 44AD will be applicable to all businesses except plying, hiring or leasing of goods as it is covered under section 44AE.
Please refer the below link
https://www.charteredclub.com/section-44ad/
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