Tax audit in case of loss
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 July 2017
I am running a partnership firm and we have already closed the business in Jan-17 and till Jan-17 we have incurred a loss. As we have closed the firm we need not carry forward the losses. So my questions are :
1) whether it is compulsory to file ITR in case of loss even though we dont want to carry forward the loss and
2) If I file ITR will have I to audit my books u/s 44AD ?
Thanks in advance
1) whether it is compulsory to file ITR in case of loss even though we dont want to carry forward the loss and
2) If I file ITR will have I to audit my books u/s 44AD ?
Thanks in advance
Nikhil Kaushik
(Expert)
01 August 2017
audit compliance is not linked to your desire for carrying forward of losses or not. You still gotta get audited if it is applicable to you.
Studentsca
(Expert)
01 August 2017
IT return filing is compulsory for Partnership Firm as per Section 139(1) of the Income Tax Act.
If your turnover has not exceeded Rs 1Cr you can file return without opting for Section 44AD and no tax audit will be applicable.
If your turnover has not exceeded Rs 1Cr you can file return without opting for Section 44AD and no tax audit will be applicable.
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