44ad v/s 44ab
This query is : Resolved
Chirag Agrawal
(Querist)
25 July 2014
Whether audit is required in following case or not,the case is the aseessee has a turnover of Rs 545200 and making the loss in current year so whether audit required or not,
also guideon provision related to 44AD(5)
also guideon provision related to 44AD(5)
25 July 2014
if its business then gross turnover should exceed rs 100 lakhs to attarct 44ab tax audit
Nikhil Kaushik
(Expert)
25 July 2014
Dear Chirag,
if this is an individual, then no audit is required persay provided there is no other income such salary which is not adjustable against business loss.
in case of partnership firm, audit shall be compulsory
if this is an individual, then no audit is required persay provided there is no other income such salary which is not adjustable against business loss.
in case of partnership firm, audit shall be compulsory
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