Tax audit
This query is : Resolved
Querist : Anonymous
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?
As a result, it shows loss of Rs. 150000.
So is there any requirement for tax audit?
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..
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