Audit in case of Nil turnover and loss in partnership firm


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Quick Summary
This discussion clarifies whether a partnership firm experiencing nil turnover and a loss of approximately four lakhs is required to undergo a mandatory audit. The consensus is that an audit is not compulsory for such partnership firms (PFAS) when there are no cash transactions and the turnover is nil.

(Querist)
12 June 2024 Is audit is compulsory for partnership firm having *Nil* turnover and having loss of approx four lakhs ?

No cash transactions.


13 June 2024 No.

13 June 2024 No audit is not mandatory for the PFAS


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