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Whether Tax audit required or not

sidhigiri (Ipcc) (236 Points)

09 August 2018

Partnership Firm having Turnover Rs 40 lakh

net loss 14000

audit require or not?

thanx

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11 Replies

Brahma nanda Agrawal (KOLKATA) (331 Points)
Replied 09 August 2018

Tax Audit required

sidhigiri (Ipcc) (236 Points)
Replied 09 August 2018

WHY REQUIRED TAX AUDIT?

Mohit Agarwal (Article) (28 Points)
Replied 09 August 2018

Compulsory for partnership firm irrespective of turnover

Brahma nanda Agrawal (KOLKATA) (331 Points)
Replied 09 August 2018

Tax audit is not compolsury for Firm.

But i think you know what else can be done so better ask exact query so that you can get help because all knowledgeable person have no time to entertain unnecessary query.

I think You got your answer.

Why tax audit required is sound not good

Mohit Agarwal (Article) (28 Points)
Replied 09 August 2018

Sir u r right tax audit is not compulsory for firm

I wrongly posted this.. bt there is no option of editing or deletion or any other way to correct This..
Thanks.

RAJA P M ("Do the Right Thing...!!!") (127150 Points)
Replied 09 August 2018

Originally posted by : Brahma nanda Agrawal
	Tax audit is not compolsury for Firm.But i think you know what else can be done so better ask exact query so that you can get help because all knowledgeable person have no time to entertain unnecessary query.I think You got your answer. Why tax audit required is sound not good

Yeahh... Good reply.

But., Querist can ask it with his confirmation and He is just missed a word "I have A doubt"....

So, Cool down and Reply....

KOUSHAL JAIN (Chartered Accountant) (471 Points)
Replied 09 August 2018

Tax Audit in case of firm is required when net profit of firm is below 8% of turnover as per section 44AD presumptive income.

So in above case there is loss so required audit of books under section 44AB.

1 Like

Vaishnavi Ganesh (Chartered Accountant) (861 Points)
Replied 09 August 2018

Originally posted by : sidhigiri
	Partnership Firm having Turnover Rs 40 lakh net loss 14000 audit require or not? thanx

Turonver less than 2 crores and the net profit declared is less than the limit prescribed. (6% or 8% as the case may be) Hence, the assessee should get his books of accounts audited under section 44AB only if the income exceeds the maximum amount not chargable to tax.

In your case, assuming that the firm has got no other head of income, this firm is not liable to audit under section 44AB.

1 Like