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Partnership firm

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(Querist)
04 June 2015 my partnership firm has sale of 40 lakh rupees but its has only 800 rupees profit. Do i need to do audit of my firm? Please explain
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
04 June 2015 yes. if it is liable to get the audit done
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gaurav gupta

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gaurav gupta (Querist)
04 June 2015 but i filed my return manual and i didnt conduct audit for a.y 2014-15. What to do now?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
04 June 2015 file the audit report online and file the return too.

and submit an application to the AO stating the facts including for filing of online audit report and return as per rule 12 of the income-tax rules
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gaurav gupta

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gaurav gupta (Querist)
04 June 2015 Isnt it attract penalty of not filling audit
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
04 June 2015 that penalty can still be levied even now!
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gaurav gupta

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gaurav gupta (Querist)
04 June 2015 Is there any other solution to skip penalty
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