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Tax Audit Applicability

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4 Points Posted on 07 January 2021
Tax Audit is applicable or not on following case ?

First year of Partnership Firms and it declares loss during the year.
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On 07 January 2021 at 11:28 Report
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215 Points Posted on 07 January 2021
Depends on turnover
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On 07 January 2021 at 11:49
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4 Points Posted on 07 January 2021
Turnover is 7 lacs
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On 07 January 2021 at 11:51
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215 Points Posted on 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
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On 07 January 2021 at 11:51
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17264 Points Posted on 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
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On 07 January 2021 at 15:24
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Accountant
4533 Points Posted on 08 January 2021
Yes applicable
19 Reply
On 08 January 2021 at 23:52


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