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Loss in partnership firm

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(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?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
12 October 2020 in both the cases tax audit not required.
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CA Bhavesh Thummar

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CA Bhavesh Thummar (Querist)
14 October 2020 What if profit is 10000/- and t/o .is 10,50,000/-?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
14 October 2020 Tax audit required........
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