Loss by partnership firm
This query is : Resolved
25 March 2019
If a partnership shows net loss from the business, can Tax Audit U/S. 44AB is compulsory ?
25 March 2019
Yes, if turnover/gross receipts > Rs. 1 crore.
25 March 2019
Sir, we started a new partnership firm w.e.f. July,2017. The turnover is only below 10.00 lac. Actual net loss comes to Rs. 3,000/- (before allowing remuneration and interest to partners). What should I do now ? Tax audit u/s. 44AB is not poosible now. Please suggest me sir. Only solution, I think, is to show 8% net profit u/s. 44AD and file ITR 4.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CLOSING STOCK QUERY
- DUE DATE FOR ITR FILING
- GST ISD Query on various AMCs
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Short Term Gain Reporting ITR
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Rent claimed on building given on permissive possession basis
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
