Feedback

Whether Tax audit required or not



Partnership Firm  having Turnover Rs 40 lakh

net loss 14000

audit require or not?

 

thanx

 
Reply   
 

Tax Audit required
 
Reply   
 

WHY REQUIRED TAX AUDIT?

 
Reply   
 

Compulsory for partnership firm irrespective of turnover
 
Reply   
 

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
 
Reply   
 

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.
 
Reply   
 
"Do the Right Thing...!!!"

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....

 
Reply   
 
Chartered Accountant

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. 


Total likes : 1 times

 
Reply   
 
Chartered Accountant

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. 

 


Total likes : 1 times

 
Reply   
 
"Do the Right Thing...!!!"

No need tax audit if file u/s 44AA if Loss return...

Also no need Tax Audit if File u/s 44AD(5) if Loss return


Total likes : 1 times

 
Reply   
 

LEAVE A REPLY

Your are not logged in . Please login to post replies

Click here to Login / Register  

 


×

  CCI MENU