Sir/Madam
I have a doubt regarding the audit in case of loss in partnership firm or proprietorship.
The assessee has incurred losses during the year, It is not presumptive income under 44AD or 44AE.
gross receipts is under 100 lacs.Kindly clarify that is it mandatory to get tax audit.
I will be thankful for clarification
Regards
gaurav
Dear Gaurav,
yes, as the gross receipts exceed Rs. 100 lakhs... then, tax audit is required, even though the firm is having losses in the year.
Best Regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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