09 June 2016
WE ARE FIRM OF TWO PARTNERS, DUE TO SOME CIRCUMSTANCES, OUR P/L IS SHOWING A LOSS OF 132000/-. CAN SOMEONE SUGGEST ME WHETHER IN THIS CASE A TAX AUDIT U/S 44AB IS REQUIRED OR NOT??
10 June 2016
Tax Audit u/s 44AB does not depend upon profit or loss in P&L whereas it depends upon turnover during the year, whether profit is lower than 8% under section 44AD of the Income Tax Act, 1961.
CAclubindia
