its urgent....
is it required to get tax audit if loss booked by partnership firm in A.Y. 2016-17 ???????
please provide source also.............
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Requirement of tax audit
Replies (3)
As per section 44AB, an Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if he in the previous year, is carrying on business and his Total Sales/Turnover exceeds Rs. 2 crore.
So, it doesn't matter whether the firm has earned profit or incurred loss in previous year, he is liable for tax audit if sales/turnover/receipts criteria given above is exceeded
So, it doesn't matter whether the firm has earned profit or incurred loss in previous year, he is liable for tax audit if sales/turnover/receipts criteria given above is exceeded
in the above case if the turnover is less than 1 crore, profit is less than 8 percent i. e. loss. then is tax audit is applicable?
Mr. Harshal is right, Tax audit is required even when there is loss. Refer:
/experts/tax-audit-for-partnership-firm-1383214.asp
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