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Mahesh Sarda   14 June 2021

Audit in case of loss of business

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

 7 Replies

Sivaramaraju G

Sivaramaraju G (Learner)     14 June 2021

Not required as turnover below 1CR
veerendar singh

veerendar singh (tax consultant)     14 June 2021

If total income is above 2.5 lacs then audit is applicable
Manikanta juluri

Manikanta juluri (Student)     14 June 2021

If partners decided to declare 8% profit then no Audit is required otherwise Audit is mandatory

Sourav (Student)     14 June 2021

Tax audit is not required
Mahesh Sarda

Mahesh Sarda   14 June 2021

What in case of loss
Sivaramaraju G

Sivaramaraju G (Learner)     14 June 2021

Here no slab will be applicable for firm hence 2.5 lac is irrelevant for firm I guess. correct if I am wrong.
Karan Prajapati

Karan Prajapati   15 June 2021

Audit is not mandatory since the T/o is below 1 Cr and Net Income is negative i.e. Loss
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