44ad audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 September 2013
if a person has a turnover of 27lakhs and a gross loss of Rs.80000 in his business is he required to carry out audit u/s 44AD? he has no other income other than sb interest of around 5000. pls reply at the earliest.
CA Pallav Singhania
(Expert)
27 September 2013
SECTION 44AB STATES 2 CONDITION TO BE SATISFIED IN ORDER TO GET THE ACCOUNTS AUDITED BY CA:
1. IF THE ASSESSEE CLAIMS THAT HIS INCOME IS LOWER THAN THE INCOME DEEMED UNDER SECTION 44AD AND
2. THE ASSESSEE TOTAL INCOME IS CHARGEABLE TO TAX
IN MY VIEW SINCE CONDITION 2 IS NOT SATISFIED AUDIT IS NOT REQUIRED TO BE DONE..
1. IF THE ASSESSEE CLAIMS THAT HIS INCOME IS LOWER THAN THE INCOME DEEMED UNDER SECTION 44AD AND
2. THE ASSESSEE TOTAL INCOME IS CHARGEABLE TO TAX
IN MY VIEW SINCE CONDITION 2 IS NOT SATISFIED AUDIT IS NOT REQUIRED TO BE DONE..
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Ashwani Narnoli
(Expert)
27 September 2013
Agree with experts opinion
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28 September 2013
No audit report to be submitted in your case as agree with aryanji.
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Adv. R. B. Munot
(Expert)
29 September 2013
No audit u/s 44AB need to be done if taxable income is less than the prescribed non taxable limit.
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