IT IS A PARTNERSHIP FIRM
SALE- 70 LACS
NET LOSS- 20 LACS
IS TAX AUDIT COMPULASORY FOR THEM?
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TAX AUDIT FOR ITR
Replies (7)
Quick Summary
No Necessary. ..
Audit compulsory of sale above 1 Crores as per Section 44 AB of IT Act
If the firm will file u/s 44AA then Tax Audit not required...
Is it business or profession ?
Raja sir ...isn't it necessary to audit under section 44AB if a firm has to claim loss ? I may be wrong please guide me l.
| Originally posted by : Ashwin Kumar | ||
 |
Raja sir ...isn't it necessary to audit under section 44AB if a firm has to claim loss ? I may be wrong please guide me l. |  |
No... You're not wrong.
In case of Loss, Since there is no income. therefor it does not exceed the maximum amount not chargeable to tax and so the second condition mandating tax audit u/s 44AB r/w sec 44AD is not satisfied and therefore the Assessee is not required to get the Accounts Audited u/s 44AB.
Also the reply based on the Query like Business...
In case if it's profession then the Reply is vary...
Here Rightly asked By Mr. Easwar Reddy
Thank you
If turnover is more than Rs. 1 Crore( in case of goods ) and Rs. 50 Lakhs in case of profession. And the entity is claiming loss in its business.
In above case i think Audit u/s 44AB is necessary to claim loss.
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