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Does a business loss has to get audit?

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 July 2012 rental income from commercial property rs.17500, minus expenses ie, intrest on loan for acquiring that property rs.25000 results in loss of rs.7500. can i file a return just showing this or do i have to get audit for this? but i dont maintain books of accounts for the same. plz reply me. its urgent.
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CA M Indani

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CA M Indani (Expert)
27 July 2012 dear for applicability of audit ur business turnover must be in excess of prescribed limit i.e. more than 60L
You can claim loss...without audit....
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SANYAM ARORA

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SANYAM ARORA (Expert)
28 July 2012 Yes you don't need any Audit and you can claim the desired expenditure




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