44ab

This query is : Resolved

CA Arpit Jain Rajawat (Querist)
Follow

29 October 2013 Is Audit compulsory under section 44AB for bussiness having income less than 8% or loss making company....??????

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

30 October 2013 eligible assessee under 44AD claiming profit less than 8% have to get the audit done to claim lower profit provided that the income is more than the exempted limit.

Tax audit is not based on the loss or gains but on the turnover of the company. If it beyond Rs 1 cr, tax audit shall apply.

Message likes : 1 times

CA Pallav Singhania

CA Pallav Singhania (Expert)
Follow

30 October 2013 In case assessee claims that he has earned income lower than specified percentage i.e 8 percent and such income is more than maximum amount not chargeable to tax, U/s. 44AD(5) and 44AA(2)(iv), mandates him to maintain books of accounts and other documents as specified u/s 44AA, get them audited from the accountant and furnish report as required u/s 44AB.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok