Tax audit for a partnership firm

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Sunil Kumar (Querist)
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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

CA Ankit R Momaya (Expert)
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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

Sunil Kumar (Querist)
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30 August 2018 which ITR form should be used to file IT Return?

CA Ankit R Momaya

CA Ankit R Momaya (Expert)
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30 August 2018 Form ITR-5 to be filled in case of Partnership Firms.

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