HELLO FRIENDS, IF A PARTNERSHIP FIRM MAINTAINS ITS ACCOUNTS AND NOT OPTS FOR SEC 44AD BUT ITS PROFITS ARE LESS THAN 8% OR IT SUFFERS A LOSS. THEN ALSO TAX AUDIT IS COMPULSORY.
PLS. EXPLAIN IT CLEARLY.
THANKS.
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Partnership firm
Replies (4)
PLS. REPLY ANYBODY.
Yes, if it claims profit to be below 8% of Turnover/Sales/Gross reciepts , it is mandatory for it to maintain Accounts and also undergo Audit and furnish Audit report alongwith the ROI
EVEN WW THERE IS A LOSS THEN ALSO AUDIT IS COMPULSORY.
yeah..e1 in case of loss
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