I m having partnership firm up to last yr we r going under audit as profit below 8 percent and turnover above 1 crore
now this yr my turnover is 35 lakh only and firm shows loss. is it necessary to do audit of my firm.
plz suggest
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Audit in case of loss of business
Replies (7)
Not required as turnover below 1CR
If total income is above 2.5 lacs then audit is applicable
If partners decided to declare 8% profit then no Audit is required otherwise Audit is mandatory
Tax audit is not required
What in case of loss
Here no slab will be applicable for firm hence 2.5 lac is irrelevant for firm I guess. correct if I am wrong.
Audit is not mandatory since the T/o is below 1 Cr and Net Income is negative i.e. Loss
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