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Tax audit of partnership firm

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11 Points Joined April 2019
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..?
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On 18 January 2021 at 13:00 Report
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Chartered Accountant
24588 Points Joined November 2019
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
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On 18 January 2021 at 14:20
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11 Points Joined April 2019
To carry forward loss of a firm needed an audit report..?
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On 18 January 2021 at 15:41
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17264 Points Joined December 2018
Above turnover limits, tax audit is mandatory under 44AB (irrespective of profit or loss)
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On 18 January 2021 at 21:15
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Accountant
4533 Points Joined February 2017
Audit is mandatory if you show profit less than 8% of turnover, whatever your turnover is
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On 19 January 2021 at 00:16
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17264 Points Joined December 2018
Profit under 8% , tax audit is mandatory in case of 44Ad cases
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On 19 January 2021 at 09:05
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BUSINESS DEVELOPMENT MANAGER
1697 Points Joined February 2019

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.

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On 19 January 2021 at 12:07
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Accountant
4533 Points Joined February 2017
Yes liable
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On 23 January 2021 at 23:51
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Chartered Accountant
86505 Points Joined April 2011
No need to do so . Refer Sec 44AB
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On 23 January 2021 at 23:52

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