Tax Audit required or not for partnership firm
This query is : Resolved
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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?
Whether Tax Audit required or not?
CA R SEETHARAMAN
(Expert)
11 September 2022
Tax audit not required.
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
(Expert)
11 September 2022
No taxable income so no tax audit required.
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