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Audit is necessary for partnership firm

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16 July 2019 1.My client partnership firm in first year having losses in books of accounts f.y18-19 .whose turnover less than 1 crore. whether audit is necessary ?
2 . Interest on partner capital and remuneration to partner is mandatory to pay them in case of loss in firm ?
3. Can we Claim Additional Depreciation in first year of production ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
16 July 2019 1 No need of audit.
2 Not mandatory.
3 Yes you can claim.
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