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Applicability for sec.44ab

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 October 2012 Dear Experts,

A private company whose gross turnover is above 40 lakhs, but its expenses is more than the income i.e. loss. Is sec-44AB is aplicabel for this company.

Waiting for your kind reply.

Thanking you,
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CA. Nityananda Parida

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CA. Nityananda Parida (Expert)
21 October 2012 Applicability of section 44AB is not based on whether a person is doing profit or loss. It is on TURNOVER or GROSS RECEIPT as the case may be.

w.e.f 1-4-2013
For Business - If turnover/sales/gross receipt exceeds Rs. 1 crore

For profession - If gross receipts exceeds 25 lakh

then it necessitate Tax Audit.
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Rupesh

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Rupesh (Expert)
21 October 2012 I agree with CA N. Parinda. For the AY 2012-13, Audit is compulsory only if the Turnover exceeded Rs. 60Lakhs. Business Loss can be carried forward and adjusted against profits of succeding years ONLY IF the return is filed with in due date.
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