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Treatment of Loss in Partnership Firm

26 August 2019

I want to know the treatment of loss in partnership firm u/s 44AD & also when is tax audit applicable to Partnership Firm.

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3 Replies

Kapadia Pravin (17264 Points)
Replied 26 August 2019

Under 44AD when you show loss tax audit becomes applicable.

Suchita Haldankar (8 Points)
Replied 26 August 2019

when tax audit is applicable to Partnership firm

Kapadia Pravin (17264 Points)
Replied 26 August 2019

under section 44AD - you have to show minimum 8% or 6% profit on turnover.
if you show less than above %ages or show loss then tax audit provisions become applicable

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