Clarification regarding tax audit in case of loss

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 February 2017 Dear Experts,
Pls let me know in AY 2016-17 our partnership firm has incurred the loss. Pls clarify weather Tax audit will be applicable in this case or not,

Thanks In Advance
Sunder Dixit

23 February 2017 Tax audit not applicable in case of loss.

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 February 2017 Sir. Firm turnover is below 1 crore. My doubt is as profit is below 8% then audit is compulsory irrespective of turnover. But in this case it is loss Not even 1% profit. So pls clarify No tax will be applicable?

24 February 2017 Tax audit is required only in case of taxable income declared less than 8%. In case of loss no tax audit is required.


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