Ours is a Partnership firm. The total turnover for the year financial year 2013-14 does not cross Rs 1 Crore. However we have incurred a loss during the year. Are we liable to have our accounts audited under section 44AB and file form 3CD?
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Tax audit under section 44ab
Replies (2)
No, assuming the turnover is from business and not from profession.
Mr. Puglia
As per sec. 44AD if your income exceeds the basic exemption limit only then you have to make books u/s 44AA and gets them audited u/s 44 AB if your turnover does not exceeds 1 crore and you show profit below the prescribed rate. But in case of loss you not required to get your books audited.
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