Tax audit
This query is : Resolved
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?
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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Wrong payment entry made
- Compensation received from electricity transmission company for installation of High tension line
- Input on premium employees group insurance
- Forms to be file after INC 20A
- DIR 12 for appointment and resignation
- PF Withdrawal Reporting in ITR
- Place of Supply for immovable property
- Regarding Chartered Accountant
- Income of Infant and Minor
- Section or Rule of income Tax for Tds deposit deadlines
- GST on intellectual property rights of foreign entity used in india
- Registration of Transporters under GST
- Debtors and Creditors How to make
- Query Regarding Articleship Eligibility Based on Current Work Experience
- E invoice generation using offline tool
- Salary JV Entry
- Coparcener loan to HUF
- Delayed payment of GST on RCM basis renting of property
- Recovery of gst
- 264 Petition
Trending Online Classes
CAclubindia
