Tax audit for partnership firm having carried forward loss
This query is : Resolved
02 August 2019
Dear Sir,
If a partnership firm shows net profit for FY 2018-19 less than 8% of total turnover and in its computation of total income there is carry forward of previous year loss so ultimately there is no income as the whole income is set off by the carry forward loss. In this case is tax audit applicable to partnership firm ?
If a partnership firm shows net profit for FY 2018-19 less than 8% of total turnover and in its computation of total income there is carry forward of previous year loss so ultimately there is no income as the whole income is set off by the carry forward loss. In this case is tax audit applicable to partnership firm ?
03 August 2019
Tax audit not applicable in such a case.
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