Loss in partnership firm
This query is : Resolved
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CA Bhavesh Thummar
(Querist)
12 October 2020
1) partnership firm having t/o. aprox. 10,50,000/-
Net Loss : 12500/-
Tax audit is required?
2)Partnership having t/o. NIL as it is newly startup,
Net loss aprox. 250/- because of bank charges tec.
Tax audit required?
Net Loss : 12500/-
Tax audit is required?
2)Partnership having t/o. NIL as it is newly startup,
Net loss aprox. 250/- because of bank charges tec.
Tax audit required?
CA R SEETHARAMAN
(Expert)
12 October 2020
in both the cases tax audit not required.
CA Bhavesh Thummar
(Querist)
14 October 2020
What if profit is 10000/- and t/o .is 10,50,000/-?
CA R SEETHARAMAN
(Expert)
14 October 2020
Tax audit required........
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