44AD

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yogesh batra

yogesh batra (Querist)
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14 July 2011 when loss from business then tax audit complusory...........

Praveen Maheshwari

Praveen Maheshwari (Expert)
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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)
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14 July 2011 yessssssssss loss is not covered under 44AD

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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)
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14 July 2011 Thanks sir Paras bafna
Agree with paras bagna

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