In case of a partnership firm, if the turnover is below the tax audit limit and there is loss for the year then is it necessary to get the accounts audited.
3 Replies
Gangeshwar
(proprietor)
(136 Points)
Replied 13 July 2018
Earlier years tax audit was mandatory and done.
CA ABHAY GUPTA
(Practice)
(3230 Points)
Replied 13 July 2018
in your case tax audit is not mandatory as u neither fall under section 44AB nor under sec 44AD... so simply avoid and file return before 31st july to get the benefit of loss
Gangeshwar
(proprietor)
(136 Points)
Replied 13 July 2018
Since there is loss, the partners want a certification from the auditor.....is it mandatory to take it
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