Patnership firm
This query is : Resolved
Sidhika Somani
(Querist)
12 September 2019
LOSS IN PARTNERSHIP FIRM, TURNOVER AROUND 3.5 LACS ONLY FIRST YEAR OF FIRM, IS IT COMPULSORY TO DO AUDIT
THANK YOU IN ADVANCE
THANK YOU IN ADVANCE
12 September 2019
No need to do audit. Just file normal return. You cannot go for presumptive taxation.
Karim N Shaikh
(Expert)
13 September 2019
yes read section 44ad, 44Ab if profit is less then 8% or there is loss then audit under section 44ab is compulsory
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