Pooja (Chartered Accountant in practice) (21 Points)
20 September 2018Hello all my fraternity colleagues !
I had a query that whether companies having net loss from business are required their accounts audited under section 44AB of Income Tax Act for A.Y. 2018-19? whether tax audit is mandatory for companies in loss for A.Y. 18-19?
RAJA P M
("Do the Right Thing...!!!")
(127542 Points)
Replied 20 September 2018
Abhimanyu Krishan Sood
(20 Points)
Replied 21 September 2018
CA Rick N
(Founder)
(67 Points)
Replied 21 September 2018
The tax audit u/s 44AB clearly states that it has to be determined on the basis of turnover. So whether an entity make profit or loss is irrrelevant.
Mitesh
If you need further clarification regarding Tax Audits, Please contact us
M N and Associates Chartered Accountant CA
F-286, Raghuleela Mall, Kandivali West, Behind Poisar Depot, Mumbai, Maharashtra 400067
Phone : 090825 14106
CAclubindia
