Patnership firm

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Sidhika Somani (Querist)
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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

C.A. Mayur J. Raiyani (Expert)
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12 September 2019 No need to do audit. Just file normal return. You cannot go for presumptive taxation.

Karim N Shaikh (Expert)
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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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