Tax audit
rakhi agarwal (student) (189 Points)
13 September 2016
whether tax audit is required in case of loss in partnership firm??
Mohan
(Audit Assisstant & Accounts Manager)
(489 Points)
Replied 13 September 2016
rakhi agarwal
(student)
(189 Points)
Replied 13 September 2016
Thank u for d response, in case assessee turnover is less than 1 cr and dere is a loss in d firm whether there will be a need of tax audit as per d provision of sec44ad read with sec 44ab
Mohan
(Audit Assisstant & Accounts Manager)
(489 Points)
Replied 13 September 2016
mohammad rasool baig
(Management Consultant)
(1026 Points)
Replied 15 September 2016
Even if the turnover is less than 1 crore, a tax audit is applicable if the assessee income is less than 8% of gross receipts/income. Section 44AD will be applicable to all businesses except plying, hiring or leasing of goods as it is covered under section 44AE.
Please refer the below link
https://www.charteredclub.com/section-44ad/
CAclubindia
