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Tax audit
There is a partnership firm and that incurred loss in the FY 2014-15. So whether Tax Audit is mandatory for this firm to file the ITR and what would be the consequences for late tax Audit.
If any one interested to do tax audit plz leave a message.
Replies (4)
Tax audit is based on turnover,
ITR is mandatory though p.firm is in loss,
penalty is half % turnover subject to max 150000 u/s 271B
ITR is mandatory though p.firm is in loss,
penalty is half % turnover subject to max 150000 u/s 271B
Thanks Suraj.....!!!!
It is not possible to pay penalty for my client.
Whether it is better to choose presumptive basis to save the penalty and get refund of tax???
Do u know anybody, who can do it in low fee???
presumptive basis can be adopted but it depends on overall turnover of the firm...u can get the refund accordingly...Lots of Ca firms engaged in tax audit u can consult any of them
Tax auit will be applicable if the turnover is above 25 lakhs for professionals and if turnover is above 1cr
Tax audit will also apply if the firm has incurred losses and income from other sources is above taxable limit ie above 250000
Tax audit will also apply if profit % is below 8%
It can also file retun u/s 44AD to prevent penalty u/s 271B.
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