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Applicability of Tax Audit

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10 Points Posted on 09 November 2020
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?
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On 09 November 2020 at 14:08 Report
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Accountant
3662 Points Posted on 09 November 2020
No.......
9 Reply
On 09 November 2020 at 14:14
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10 Points Posted on 09 November 2020
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.
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On 09 November 2020 at 14:20
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Accountant
3662 Points Posted on 09 November 2020
You need to file ITR 5 for partnership firm
9 Reply
On 09 November 2020 at 14:46
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CFO- at NHTF
58280 Points Posted on 09 November 2020
Business Loss should be audited for AY-2020-21.

There is amendment Through FA-2020 which is not applicable for AY-2020-21
59 Reply
On 09 November 2020 at 15:27


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