Audit is necessary for partnership firm


(Querist)
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 ?


CA R SEETHARAMAN (Expert)


Click to Talk 16 July 2019
1 No need of audit.
2 Not mandatory.
3 Yes you can claim.


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