Partnership tax audit query
This query is : Resolved
03 June 2015
Dear Professionals,
one of customer running partnership firm and turnover for fy 2014-15 is 7lacs and net loss 1.20lacs. is the above case books of accounts audited is mandatory us 44ab? Please suggest
one of customer running partnership firm and turnover for fy 2014-15 is 7lacs and net loss 1.20lacs. is the above case books of accounts audited is mandatory us 44ab? Please suggest
03 June 2015
yes provided the customer is not covered under professions described under section 44AA(1)
03 June 2015
No need to audit since the 'total income' of the firm is -ve which is not exceeding the maximum amount not chargeable to tax.
Inference from section 44AD(5).
Inference from section 44AD(5).
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03 June 2015
Warrier sir agreed. But there is a problem here. ITR-5 wont accept negative figures without satisfying 44AA. You end up getting a 139(9) notice and subsequent rejection of the return. Plus, firms have no maximum amount not chargeable to tax.
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