Tax Audit required or not for partnership firm

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Jomon P B (Querist)
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11 September 2022 We have a partnership firm having a turnover of less than Rs 1 lakhs and a Net loss of Rs 10000 for the FY 2021-22.

Whether Tax Audit required or not?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 September 2022 Tax audit not required.

Jomon P B

Jomon P B (Querist)
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11 September 2022 Sir, we have a loss of Rs. 10000, which is less than 8% of turnover. That is our doubt with regard to tax audit

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 September 2022 No taxable income so no tax audit required.

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