Audit in case of loss in partnership firm.
This query is : Resolved
16 December 2021
If the partnership firm has turnover of Rs.12,41,315 and has net loss of rs.405471, is it required to audit Since that 8% of turnover does not fit in ?
16 December 2021
If there is a loss, then the income DOES NOT EXCEED the exemption limit. It is less than the exemption limit. Accordingly, audit is NOT required if there is a loss.
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