Adit u/s 44ab
This query is : Resolved
10 January 2015
Respected Sir,
I have query about tax audit u/s 44AB.
Status: Partnership Firm (Manufacturing Firm)
Turnover of firm: 4, 60,000/-
Profit (before Depreciation): (2, 52,000/-)
Depreciation: 3, 82,000/-
Profit (Depreciation): (6, 34,000/-)
Can firm liable to Audit u/s 44AB?
Now, What is Return Filling Date for this firm?
If firm get audited its books of account and filed its ITR as on 29.09.2014 then business loss of Rs. (2,52,000) other than depreciation loss is to be carry forward?
I have query about tax audit u/s 44AB.
Status: Partnership Firm (Manufacturing Firm)
Turnover of firm: 4, 60,000/-
Profit (before Depreciation): (2, 52,000/-)
Depreciation: 3, 82,000/-
Profit (Depreciation): (6, 34,000/-)
Can firm liable to Audit u/s 44AB?
Now, What is Return Filling Date for this firm?
If firm get audited its books of account and filed its ITR as on 29.09.2014 then business loss of Rs. (2,52,000) other than depreciation loss is to be carry forward?
11 January 2015
Not liable, since total income is -ve. Inference is from section 44AD(5).
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