44AD
This query is : Resolved
14 July 2011
when loss from business then tax audit complusory...........
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.
14 July 2011
yessssssssss loss is not covered under 44AD
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.
*
So in case of loss Tax Audit is not required.
*
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.
*
So in case of loss Tax Audit is not required.
Message likes :
1 times
14 July 2011
Thanks sir Paras bafna
Agree with paras bagna
Agree with paras bagna
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Sale of Equity shares for Purchase of Residential Property
- ECO SUPPLY REPORTIONG IN GSTR-1
- Internship/Academic shown in Salary Pay Slip of a Doctor
- Refund of 20%pre-deposit paid for stay application
- Payment to foreign customer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
