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This query is : Resolved
28 August 2014
Dear all,
Please suggest my below query..
For the AY 2014-15 my turnover is 60 Lakh and i want to declare loss... should i get audit or not ?
Please suggest my below query..
For the AY 2014-15 my turnover is 60 Lakh and i want to declare loss... should i get audit or not ?
CA Tejas Mistry
(Expert)
28 August 2014
Yes if you want to declare loss then need to get audit done u/s 44AD
Otherwise declare profit of 8% of Turnover
Otherwise declare profit of 8% of Turnover
29 August 2014
No you are NOT required to get your accou ts audited.
Please refer to Section 44AD(5) which provides that audit is required if an assessee declares income LESS than 8% AND his income EXCEEDS the maximum amount not chargeable to tax.
in case of loss the income does not exceed the exemption limit.
so audit is not required
Please refer to Section 44AD(5) which provides that audit is required if an assessee declares income LESS than 8% AND his income EXCEEDS the maximum amount not chargeable to tax.
in case of loss the income does not exceed the exemption limit.
so audit is not required
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CA Tejas Mistry
(Expert)
30 August 2014
Thanks Siddhartha Sir for detail explanation
30 August 2014
You are welcome Tejas.
31 August 2014
You are welcome Rajesh. You should use the thanks button to convey your thanks.
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