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Loss in Partnership Firm

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(Querist)
07 January 2020 A partnership firm with a yearly.turnover of 7.00 lac has incurred a net loss of Rs. 10,000/- during FY 2018-19 before allowing interest/salary to partners. Whether the net loss can be declared U/SD.44AD or Tax audit is mandatory ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
08 January 2020 Loss can be declared no tax audit required.
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
08 January 2020 Above case Tax audit not required




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