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Partnership firm loss and audit
I am having partnership firm till last yr i. e 2020 our turnover was 1.5 cr and profit below 8% so we had audited our firm but now in 2021 our turnover is only 37 lakh and firm shows loss of rs 8 lakh so it is necessary to do audit. plz suggest
Replies (9)
Had you opted presumptive assessment u/s. 44AD, anytime before?
If yes, when?
No audit is not applicable
No presumptive adopted
IF SECTION 44AD NOT OPTED IN ANY OF PRECEDING YEAR, NO AUDIT APPLICABLE IN AY 2021-22.
Last year return filed under 44AB(e)
Though sec. 44AD(4) applicable, but tax audit u/s. 44AB(e) not applicable, because of net loss.
So no audit required
YES, No audit applicable.
Sir, in case of audit, is not required then what will be the due date to file ITR of working partners.
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