Is tax audit mandatory if partnership firm has sales of rs 60L and loss of Rs 2L

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53 Points Posted on 17 August 2023
is tax audit mandatory if partnership firm has sales of rs 60L and loss of Rs 2L
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On 17 August 2023 at 10:13 Report
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Quick Summary
A partnership firm with sales of £60 lakh and a loss of £2 lakh is generally not required to undergo a mandatory tax audit. However, this changes if the firm has opted into Section 44AD in any of the preceding five years. It's also advisable to maintain accounts as per Section 44AA to accurately file returns, especially when reporting a loss.

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SEO Sai Gr. Hosp.
212511 Points Posted on 17 August 2023

Not mandatory, unless sec. 44AD opted in any preceding five years.

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On 17 August 2023 at 11:27
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"Do the Right Thing...!!!"
128157 Points Posted on 17 August 2023
Yes I agreed with Mr Dhirajalal Rambhia Sir...

Also keep accounts as per sec 44AA.
Otherwise it's not possible to file with loss.
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On 17 August 2023 at 15:08

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