is audit required on net loss of a partnership firm ?
This query is : Resolved
Vijay Kr. Mishra
(Querist)
31 July 2009
A Partnership Firm (not a retail trader) is resulting Net Loss Rs. 45066/- and Turnover is below Rs.40 Lakhs. Should the Firm required to Audit ?
Abhishek Mohta
(Expert)
31 July 2009
Audit U/s 44AB depends on the turnover of the firm and not on the profit or loss of the firm. If the firm has a turnover of more than Rs. 40 lakhs then it has to get his books audited.
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