44AD

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yogesh batra

yogesh batra (Querist)

14 July 2011 when loss from business then tax audit complusory...........

Praveen Maheshwari

Praveen Maheshwari (Expert)

14 July 2011 yes, As per provision of Section 44AD, In any case if you show Net Profit below 8% of turnover or gross receipts then Audit is Compulsory under section 44AB of Income Tax Act-1961, so in case of Loss you have to get books of Accounts audited.

U S Sharma

U S Sharma (Expert)

14 July 2011 yessssssssss loss is not covered under 44AD

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

14 July 2011 In case of loss, the total income of the assessee may not exceed the taxable limit of say 1.60 lacs, which is a pre-condition prescribed U/s 44AD(5) for tax audit.
*
Total Income means as defined under the act i.e. income from all sources
Less: b/f losses eligible for set off Less: deductions under chapter VIA.
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So in case of loss Tax Audit is not required.

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yogesh batra

yogesh batra (Querist)

14 July 2011 Thanks sir Paras bafna
Agree with paras bagna

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