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Tax audit on loss

SUMIT KARESIA (155 Points)

25 June 2018

if partnership business has turnover of Rs10 lakh and incurred loss than is it required to audit their account.?

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182883 Points)
Replied 25 June 2018

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SUMIT KARESIA (155 Points)
Replied 25 June 2018

partnership firm doing business and file return as pressumptive basis and incurred loss than also no need for audit?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182883 Points)
Replied 25 June 2018

Correct.....

As per Sub-section 44AD (5).....

(5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.]