Audit u/s 44ab

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 August 2015 MY CLIENT HAVING A JEWELLERY BUSINESS IN PARTNERSHIP FIRM AND FOR AY 2015-16 HE HAS A BUSINESS LOSS, IS THERE INCOME TAX AUDIT UNDER SECTION 44 AB OR 44AD COMPULSORY FOR THEM OR NOT ??
PLEASE GUIDE ME.....

Amol S Joglekar

Amol S Joglekar (Expert)
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27 August 2015 44AB is turnover based whether or not your client incurs loss or profit.

44AD is, on the other hand, for eligible business

which is yours?

Querist : Anonymous

Querist : Anonymous (Querist)

27 August 2015 THE T/O IS 18 LAKS AND LOSS OF RS. 187500/- AND I WANT TO GO FOR 44 AD WHERE THE JEWELLERY BUSINESS IS ELIGIBLE FOR 44 AD IS THERE NEED TO AUDITED BOOKS OF ACCOUNTS