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whether audit required or not ?
As being partnership firm having turnover less than limit specified under the section 44AB (i.e 1cr ) showing loss are required to get audited books of account as not opting section 44AD as it is optional ?
Replies (4)
If filed return u/s. 44AD in preceeding year/s, audit will be mandatory in current year; otherwise not.
ok got it sir , means if it is my first return and i have filed ITR 3 then audit not required despite of loss
My Dear.......
For partnership firm you are required to file ITR5, with books of accounts maintained.
Sorry my mistake
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