Bus operater

This query is : Resolved

Kannan Sanker (Querist)
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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.

RAJA P M

RAJA P M (Expert)
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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

CA R SEETHARAMAN (Expert)
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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.

RAJA P M

RAJA P M (Expert)
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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

CA R SEETHARAMAN (Expert)
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29 September 2017 Read the provisions audit applicable only in case of taxable income.

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