Audit Applicability in case of Loss or no profit for Partnership Firm
This query is : Resolved
parth jani
(Querist)
20 February 2023
whether tax audit is applicable in case of P'firm/ Pvt Ltd having no profit or loss?
Is the loss including of Remuneration and Interest paid to partners?
Is the loss including of Remuneration and Interest paid to partners?
Dhirajlal Rambhia
(Expert)
20 February 2023
In either case the limit for tax audit will be Rs. 1 cr or 10 Cr. based on cash receipts or payments being less then 5% or not. [For professional income its Rs. 50 lakhs.]
But in case of partnership firm needs to be checked applicability of sec. 44AD (4) & (5) w.r.t. sec. 44AB(e) of IT act.
But in case of partnership firm needs to be checked applicability of sec. 44AD (4) & (5) w.r.t. sec. 44AB(e) of IT act.
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