Partnership firm
turnover-4,00,000/-
loss-15,000/-
Tax audit is required or not?
4 Replies
Gauraksh Malik
(Student CA Final )
(78 Points)
Replied 29 July 2017
tax audit under GST is required when your turnover is exceeding rs 2 crore.
Charandeep Singh
(Manager Accounts)
(182 Points)
Replied 29 July 2017
required as profit is less than 8%
RAMESH D MODI
(Proprietor)
(4869 Points)
Replied 29 July 2017
section 44ab applies only when the income is more the amount which is not chargeable to tax hence tax audit does not require in case of loss as per my view.
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