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Loss by partnership firm

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(Querist)
25 March 2019 If a partnership shows net loss from the business, can Tax Audit U/S. 44AB is compulsory ?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
25 March 2019 Yes, if turnover/gross receipts > Rs. 1 crore.
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Mahabir Prasad Agarwal

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Mahabir Prasad Agarwal (Querist)
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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