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.
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