Tax audit
This query is : Resolved
Krishanu Majumder
(Querist)
19 September 2013
A partnership business having turn over 10 lakh. The firm has "No profit no loss". Should this firm go for tax audit as it has below 8% profit? But as per act, tax audit is not applicable where firm does not qualify exempted income. So, no profit no loss is a case where no profit is there. What to do?
Nikhil Kaushik
(Expert)
21 September 2013
Krishanu,
If the partnership is eligible for 44AD, then the audit shall apply.
However, if the partnership firm is not eligible for 44AD, then the audit shall not apply.
If the partnership is eligible for 44AD, then the audit shall apply.
However, if the partnership firm is not eligible for 44AD, then the audit shall not apply.
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