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Tax Audit

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(Querist)
15 June 2020 Turnover of a partnership business for the FY 2019-2020 is 88,75,600/- and incurred a loss of Rs. 39400/- before charging partner's salary.
1) Whether tax audit is required or not?
2) If required please mention the section.
Thank you.
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c.bakshi

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c.bakshi (Expert)
16 June 2020 no, if you maintain proper books of accounts as per section 44AA and not filing your return under presumptive taxation, then tax audit is not required
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Soumitra Basu

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Soumitra Basu (Expert)
18 June 2020 you have to file return within the due date otherwise loss will not be allowed
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