Bus operater
This query is : Resolved
Kannan Sanker
(Querist)
29 September 2017
sir i am having two bus. business is partnership firm.My annual income is below 7000000. . Business running some times loss. and sometime with very low profit. can i audit myself for paying income tax. or i must see an auditor .because i want to save auditor fees.please reply sir.
29 September 2017
No way for without audit your partnership firm from.
Audit is mandatory if you are claim loss/remuneration & interest for less than 8% (u/s 44ad)....
CA R SEETHARAMAN
(Expert)
29 September 2017
No need of audit in case of loss before claiming partners interest and remuneration. Audit is required in case of declaring less than 8% profit on turnover.
Auditor fees will be reasonable which will save you from the scrutiny/queries of income tax.
Auditor fees will be reasonable which will save you from the scrutiny/queries of income tax.
29 September 2017
Dear Mr CA SEETHARAMAN Sir.,
How is it possible loss and without audit a partnership firm...?
Please give me the details Sir..
CA R SEETHARAMAN
(Expert)
29 September 2017
Read the provisions audit applicable only in case of taxable income.
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