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Tax audit

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 January 2016 If a partnership firm having sales of Rs. 100000 during the financial year and pruchase of Rs 50000 and having Bank interest of Rs. 200000 in profit & loss account.
As a result, it shows loss of Rs. 150000.

So is there any requirement for tax audit?
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Ravikant

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Ravikant (Expert)
13 January 2016 Tax Audit is not applicable in this case.
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
13 January 2016 Every person carrying on Business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in any previous year..then section 44AB i,e Tax Audit comes into play..
Not Required in your case...
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