Whether Tax Audit Required If No Business Conduct By Partnership Firm

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Practice
4510 Points Posted on 20 December 2020

Dear All Member Kindly give me answer of below mentioned Details

1- Whether Tax Audit Required if No Business Conduct during the F.Y. 2019-20

2- Which ITR Required for Partnership Firm

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On 20 December 2020 at 20:08 Report
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Quick Summary
This discussion clarifies whether a tax audit under Section 44AB of the Income Tax Act, 1961, is necessary for a partnership firm that did not conduct any business during the financial year 2019-20. The consensus is that no tax audit is required in such cases. Additionally, it confirms that Partnership Firms and LLPs must file their returns using ITR 5.

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Accountant
3662 Points Posted on 20 December 2020
1) No

2) ITR 5
1 Reply
On 20 December 2020 at 23:33
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Student
23693 Points Posted on 21 December 2020
(1). No Tax Audit U/s 44AB of the Income Tax Act 1961 required if no business was conducted.

(2). Partnership Firms / LLP's are required to file ITR 5.
1 Reply
On 21 December 2020 at 00:04

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