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Tax audit

Ravi Kumar Ray (customer sales executive)   (38 Points)

31 August 2016  
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.

 4 Replies

suraj (Student CA Final ) (284 Points)
Replied 31 August 2016

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

Ravi Kumar Ray (customer sales executive)   (38 Points)
Replied 31 August 2016

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???

suraj (Student CA Final ) (284 Points)
Replied 31 August 2016

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

CA Vinit Malani (.) (49 Points)
Replied 02 September 2016

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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