Applicability of tax audit

This query is : Resolved

HIMANSHU MEHTA (Querist)
Follow

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?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

06 July 2013 IN ALL THE CASES ABOVE U MENTIONED STILL Tax audit is applicable.

HIMANSHU MEHTA

HIMANSHU MEHTA (Querist)
Follow

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.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

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

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

NIKHIL GUPTA

CA. Urmila Mahalwal

DHANASHRI KARMARKAR

Anurag Sharma

shubham agrawal

Subscribe Now

Applicability of tax audit

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

Manager- Finance and Compliance

CA Final

Senior Executive

Accountant

GST CONSULTANT