Applicability of tax audit
This query is : Resolved
06 July 2013
if a partnership firm's turnover/gross receipt does not exceed 1cr and has a book loss, whether tax audit is applicable? & what if after deduction under 14A the firm has a profit?
06 July 2013
IN ALL THE CASES ABOVE U MENTIONED STILL Tax audit is applicable.
11 July 2013
Notwithstanding anything contained in the foregoing provisions of this
section, an eligible assessee who claims that his profits and gains from the eligible
business are lower than the profits and gains specified in sub-section (1) and
whose total income exceeds the maximum amount which is not chargeable to
income-tax, shall be required to keep and maintain such books of account and
other documents as required under sub-section (2) of section 44AA and get them
audited and furnish a report of such audit as required under section 44AB.
as per this provision if an assessee has loss, then his income doesn't exceed maximum amount chargeable to tax, so i think in case of loss tax audit is not applicable.
section, an eligible assessee who claims that his profits and gains from the eligible
business are lower than the profits and gains specified in sub-section (1) and
whose total income exceeds the maximum amount which is not chargeable to
income-tax, shall be required to keep and maintain such books of account and
other documents as required under sub-section (2) of section 44AA and get them
audited and furnish a report of such audit as required under section 44AB.
as per this provision if an assessee has loss, then his income doesn't exceed maximum amount chargeable to tax, so i think in case of loss tax audit is not applicable.
11 July 2013
since it is a partnership firm it needs to get audited.
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
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR selection for salaries and capital gain less than L
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- ITR returnFY25-26
- BIS Certificates
- Itr 1 processing
- TDS on payment to CHA as per new section
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
