Respected Sir,
In case of loss, if turnover does not exceed 1 crore, whether audit u/s 44AD necessary for AY 13-14?
KRISHNA MURARI LATH
(PROPRIETOR)
(36 Points)
Replied 22 August 2013
| Originally posted by : priyanka | ||
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Respected Sir, In case of loss, if turnover does not exceed 1 crore, whether audit u/s 44AD necessary for AY 13-14? |
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If total income including this loss and any other income exceeds income not chargeable to tax, then audit is necessary otherwise not.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 22 August 2013
agree with mr. krishan murari... if total income (sec. 44AD loss + income under other heads) exceeds the minimum exemption limit, then tax audit is required...
Best Regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com
CAclubindia
