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Applicability of Tax Audit
Weather the Newly started firm having a turnover less than 10 Lakh and having loss of ₹ 5000 is required to audit its books of accounts u/s 44 AB?
Replies (4)
Quick Summary
No.......
But section says that - Audit is not applicable only if your turnover > 2cr and declare the profits 6% or 8% on such turnover.
if its having a loss and turnover not exceeds 2cr are required to get their accounts audited u/s 44 AB r/w sec 44AD.
if its having a loss and turnover not exceeds 2cr are required to get their accounts audited u/s 44 AB r/w sec 44AD.
You need to file ITR 5 for partnership firm
Business Loss should be audited for AY-2020-21.
There is amendment Through FA-2020 which is not applicable for AY-2020-21
There is amendment Through FA-2020 which is not applicable for AY-2020-21
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