Tax audit is applicable or not?
This query is : Resolved
MANJUNATHA M.R
(Querist)
10 January 2019
Dear Experts, I have a client registered with GST ACT for the year 2017-18. The turnover of the firm is NIL (Partnership Firm). Partner's having rental income exceeding Basic exemption limit. My Query is whether the firm has no profit and partners individual income exceeds the exemption limit in such case whether the firm is required to Tax audit? Please advise me in this regard. Thanks in advance.
CA R SEETHARAMAN
(Expert)
10 January 2019
As the turnover of the firm is Nil tax audit not required.
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