Audit in case of loss in partnership firm

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abz

55 Points Posted on 20 August 2013

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

Replies (1)

C.A. B.Com (H) Graduate

1985 Points Posted on 20 August 2013

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

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