Partnership Firm having Turnover Rs 40 lakh
net loss 14000
audit require or not?
thanx
11 Replies
Mohit Agarwal
(Article)
(28 Points)
Replied 09 August 2018
Compulsory for partnership firm irrespective of turnover
Brahma nanda Agrawal
(KOLKATA)
(331 Points)
Replied 09 August 2018
Tax audit is not compolsury for Firm.
But i think you know what else can be done so better ask exact query so that you can get help because all knowledgeable person have no time to entertain unnecessary query.
I think You got your answer.
Why tax audit required is sound not good
But i think you know what else can be done so better ask exact query so that you can get help because all knowledgeable person have no time to entertain unnecessary query.
I think You got your answer.
Why tax audit required is sound not good
Mohit Agarwal
(Article)
(28 Points)
Replied 09 August 2018
Sir u r right tax audit is not compulsory for firm
I wrongly posted this.. bt there is no option of editing or deletion or any other way to correct This..
Thanks.
I wrongly posted this.. bt there is no option of editing or deletion or any other way to correct This..
Thanks.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 09 August 2018
| Originally posted by : Brahma nanda Agrawal | ||
 |
Tax audit is not compolsury for Firm.But i think you know what else can be done so better ask exact query so that you can get help because all knowledgeable person have no time to entertain unnecessary query.I think You got your answer. Why tax audit required is sound not good |  |
Yeahh... Good reply.
But., Querist can ask it with his confirmation and He is just missed a word "I have A doubt"....
So, Cool down and Reply....
KOUSHAL JAIN
(Chartered Accountant)
(471 Points)
Replied 09 August 2018
Tax Audit in case of firm is required when net profit of firm is below 8% of turnover as per section 44AD presumptive income.
So in above case there is loss so required audit of books under section 44AB.
Vaishnavi Ganesh
(Chartered Accountant)
(861 Points)
Replied 09 August 2018
| Originally posted by : sidhigiri | ||
|
Partnership Firm having Turnover Rs 40 lakh net loss 14000 audit require or not? thanx |
|
Turonver less than 2 crores and the net profit declared is less than the limit prescribed. (6% or 8% as the case may be) Hence, the assessee should get his books of accounts audited under section 44AB only if the income exceeds the maximum amount not chargable to tax.
In your case, assuming that the firm has got no other head of income, this firm is not liable to audit under section 44AB.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 09 August 2018
No need tax audit if file u/s 44AA if Loss return...
Also no need Tax Audit if File u/s 44AD(5) if Loss return
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