Tax Audit is applicable or not on following case ?
First year of Partnership Firms and it declares loss during the year.
5 Replies
Dev Prajapati
(215 Points)
Replied 07 January 2021
See as per section 44AD / ADA , Pship firms are eligible for not getting books of accounts audited if it declares profits atleast 8%/6%/50% of its turnover....
and if it does so ...then no tax audit
and if it does so ...then no tax audit
Kapadia Pravin
(17264 Points)
Replied 07 January 2021
No tax audit for turnover of 7 lakhs.
it is loss so you require to file return on or before due date so as to be able to carry forward loss to succeeding years
it is loss so you require to file return on or before due date so as to be able to carry forward loss to succeeding years
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