Partnership firm carrying commission bussines and incurring loss and turnover is less than 1 crore. Firm is not required to get tax audit. Am i right?
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Quick Summary
For a partnership firm in the commission business with a turnover under £1 crore and incurring losses, a tax audit is generally not required. This is a common scenario where the mandatory audit threshold is not met. If you have specific concerns or need further clarification on tax audit applicability, it's always best to consult with a tax professional.