23 February 2017
Dear Experts, Pls let me know in AY 2016-17 our partnership firm has incurred the loss. Pls clarify weather Tax audit will be applicable in this case or not,
23 February 2017
Tax audit not applicable in case of loss.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
23 February 2017
Sir. Firm turnover is below 1 crore. My doubt is as profit is below 8% then audit is compulsory irrespective of turnover. But in this case it is loss Not even 1% profit. So pls clarify No tax will be applicable?
CAclubindia
