Tax audit for a partnership firm
This query is : Resolved
Sunil Kumar
(Querist)
29 August 2018
A partnership firm newly commenced during may 2017 whose Turnover is 10 laks during fy 17-18 and after all expenditures and partners remuneration (except depreciation) there is a net loss. Is Tax audit applicable ? If not under what section we have to file IT return ?
CA Ankit R Momaya
(Expert)
29 August 2018
Tax Audit is not applicable in the above case as the Total income doesnot exceed maximum amount not chargeable to tax. (i.e. Loss).
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Sunil Kumar
(Querist)
30 August 2018
which ITR form should be used to file IT Return?
CA Ankit R Momaya
(Expert)
30 August 2018
Form ITR-5 to be filled in case of Partnership Firms.
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