TaxTMI 
TaxTMI 
sir . a partnership firm having a turnover of ₹ 1.32 Crores and having a business loss to be Tax audited?
Tax audit applicability
24 Dec 2020 
1 Reply 
764 Views Asked by
Tax audit applicability: partnership firms exceeding the turnover threshold require audit even if reporting business losses.
Whether a partnership firm is subject to a statutory tax audit when it reports a business loss but its gross receipts exceed the prescribed turnover threshold; the advisory response affirms that tax audit applicability is triggered by the turnover criterion notwithstanding the presence of a business loss. (AI Summary)
Whether a partnership firm is subject to a statutory tax audit when it reports a business loss but its gross receipts exceed the prescribed turnover threshold; the advisory response affirms that tax audit applicability is triggered by the turnover criterion notwithstanding the presence of a business loss. (AI Summary)
