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Tax audit of partnership firm
whether a partnership firm is liable to have tax audit if the firm have a loss or gross receipt is below 1 crore or 5 crore as the case may be..?
Replies (8)
Quick Summary
Even if firm have loss and of turnover exceeds 1 crores now 5 crores rupees rupees then it is liable for tax audit but if turnover doesn't exceed the exemption limit then there is no required for tax audit
To carry forward loss of a firm needed an audit report..?
Above turnover limits, tax audit is mandatory under 44AB (irrespective of profit or loss)
Audit is mandatory if you show profit less than 8% of turnover, whatever your turnover is
Profit under 8% , tax audit is mandatory in case of 44Ad cases
As per the Income Tax Act, 1961, Tax Audit of partnership firm is mandatory if the turnover/ gross receipt exceeds Rupees One Crore in case of business and Rupees twenty five laces in case of profession. It is highly recommended that every partnership firm should go for audit of his accounts.
Yes liable
No need to do so . Refer Sec 44AB
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