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
tax audit is required if turnover is more than 1 crore
Agreed wid Pooja Mam provided you are not filing returns under presumtive income scheme (44AD)
Subrahmanyam & Sivudu CA Firm
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