A Partnership Firm (not a retail trader) is resulting Net Loss Rs. 45066/- and Turnover is below Rs.40 lakhs. Should the Firm required to Audit ?
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is audit required on net loss of a partnership firm ?
Replies (6)
yes if the turnover crosses Rs. 40 lakhs, no matter loss or profit.
Audit not required since turnover <40 lakhs.
No...not required since t.o. below 40 lacs
Not required. (Refer Sec. 44AB)
Not required, however if the business is as per section 44AD - Civil construction etc, or 44 AE Goods Carriage (& 44AF Retail Business no such business as in given case ) then audit is required even turnover is below 40 lacks
Not required, however if the business is as per section 44AD - Civil construction etc, or 44 AE Goods Carriage & 44AF Retail Business (no such business as in given case ) then audit is required even turnover is below 40 lacks
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