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Tax audit on loss
if partnership business has turnover of Rs10 lakh and incurred loss than is it required to audit their account.?
Replies (4)
partnership firm doing business and file return as pressumptive basis and incurred loss than also no need for audit?
Correct.....
As per Sub-section 44AD (5).....
(5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.]
But the main problem is, for next four years the firm cannot opt for sec. 44AD, if opted for the section in preceeding year ......
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