Partnership firm loss and audit

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79 Points Joined July 2017
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
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On 16 November 2021 at 18:16 Report
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SEO Sai Gr. Hosp.
210651 Points Joined July 2016

Had you opted presumptive assessment u/s. 44AD, anytime before?

If yes, when?

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On 16 November 2021 at 18:57
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Chartered Accountant
24588 Points Joined November 2019
No audit is not applicable
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On 17 November 2021 at 06:06
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79 Points Joined July 2017
No presumptive adopted
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On 17 November 2021 at 14:16
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SEO Sai Gr. Hosp.
210651 Points Joined July 2016

IF SECTION 44AD NOT OPTED IN ANY OF PRECEDING YEAR, NO AUDIT APPLICABLE IN AY 2021-22.

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On 17 November 2021 at 14:24
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79 Points Joined July 2017
Last year return filed under 44AB(e)
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On 17 November 2021 at 15:21
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SEO Sai Gr. Hosp.
210651 Points Joined July 2016

Though sec. 44AD(4) applicable, but tax audit u/s. 44AB(e) not applicable, because of net loss.

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On 17 November 2021 at 16:22
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79 Points Joined July 2017
So no audit required
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On 17 November 2021 at 17:51
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SEO Sai Gr. Hosp.
210651 Points Joined July 2016

YES, No audit applicable.

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On 21 November 2021 at 13:35
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CA
110 Points Joined October 2012

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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On 29 July 2022 at 16:21


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