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Tax audit

Ravi Kumar Ray (customer sales executive) (38 Points)

31 August 2016

There is a partnership firm and that incurred loss in the FY 2014-15. So whether Tax Audit is mandatory for this firm to file the ITR and what would be the consequences for late tax Audit. If any one interested to do tax audit plz leave a message.

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4 Replies

suraj (Student CA Final ) (288 Points)
Replied 31 August 2016

Tax audit is based on turnover,
ITR is mandatory though p.firm is in loss,
penalty is half % turnover subject to max 150000 u/s 271B

Ravi Kumar Ray (customer sales executive) (38 Points)
Replied 31 August 2016

Thanks Suraj.....!!!!

It is not possible to pay penalty for my client.

Whether it is better to choose presumptive basis to save the penalty and get refund of tax???

Do u know anybody, who can do it in low fee???

suraj (Student CA Final ) (288 Points)
Replied 31 August 2016

presumptive basis can be adopted but it depends on overall turnover of the firm...u can get the refund accordingly...Lots of Ca firms engaged in tax audit u can consult any of them