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required compulsory tax audit

Gagan Aggarwal (226 Points)

27 July 2018

whether partnership firm required tax audit in case of no
loss and no profit.

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3 Replies

RAJA P M ("Do the Right Thing...!!!") (127076 Points)
Replied 28 July 2018

Can you explain Yourself for Your query....

1 Like

Sumit Gupta (120 Points)
Replied 28 July 2018

requirement for Tax audit depends on turnover and not on profit/loss. If your firm is providing professional service then tax audit is required if turnover exceeds 50 lakhs and if other then 1cr.

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Gagan Aggarwal (226 Points)
Replied 28 July 2018

inthat case turnover is approx 90lacs.and there is no profit and no loss situation and also itr of the firm is yet to file and don't want to file the itr under sec 44ad...