tax audit for partnership firm in loss
This query is : Resolved
AMOL RAYKAR
(Querist)
20 June 2017
Dear experts,
we have formed a partnership firm on August 2016. The firm is in prototype development stage so there is no revenue generated.
I want to carry forward the losses from FY 2016-17.
my query is,to carry forward the losses is it necessary to do tax audit
CA Rashmi Gandhi
(Expert)
20 June 2017
As income is less than8% you are rquired to get tax audit
Dhirajlal Rambhia
(Expert)
13 October 2021
For partnership there is no exemption limit. It means loss is below exemption limit; hence no tax audit in case of loss ...
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