Tax Audit Mandatory or Not in case of Partnership??
This query is : Resolved
12 July 2017
Dear Experts/ Members
kindly confirm if firm is having loss in FY 2016-17 is Tax audit mandatory? Turnover less than 40 lakh.
Regards
12 July 2017
Tax audit to be done if your declared profit is less than 8% or loss.
12 July 2017
No need to get audited. As per 44 AD if income is below 8% & above taxable limit then only you are required to get audited.
12 July 2017
2 views exist in CA community as suggested by the experts above.
(From income tax department's angle, the reason why LOSS cases need not be audited may be because....as it is the loss cases are compulsorily selected for SCRUTINY)
(From income tax department's angle, the reason why LOSS cases need not be audited may be because....as it is the loss cases are compulsorily selected for SCRUTINY)
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