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Tax audit query

Anand (NA) (97 Points)

31 July 2013  

 

Sir,

In my case A Partnership firm. The Turnover is Rs.55,00,000 Gross Profit is  Rs.32,60,000 last year the depreciation is not provided so from this year we have provided depreciation which amounts to Rs.8,22,000 and after providing partners salary of Rs.2,50,000 i am getting a net loss of Rs.6,70,000 so   can we file the return as normal one or else do we need to go for 44AB 

 
Regards,
Anand

 2 Replies

CA Pooja Agarwal (Chartered Accountant) (3218 Points)
Replied 31 July 2013

tax audit is required if turnover is more than 1 crore

Pakshal Shah (Practicing Chartered Accountant)   (271 Points)
Replied 31 July 2013

Agreed wid Pooja Mam provided you are not filing returns under presumtive income scheme (44AD)


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