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Applicability of tax audit to individual

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 July 2013 Please clarify:

If an Individual (non-salaried) is having loss in FY 2012-13 due to Depreciation & Interest, then whether Tax Audit Applies to him??

Under Which Section??
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
25 July 2013 Tax audit depends upon the turnover limit.
In case turnover exceeds 1.00 crore - irrespective of the losses, tax audit is required U/s 44AB (a).
.
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Querist : Anonymous

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Querist : Anonymous (Querist)
25 July 2013 Thanks Sir. Thats right. But what will be the situation, when turnover is below 1 crore, say Rs. 5 lacs and he incurs loss as aforesaid, then whether he will have to carry out tax audit?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
25 July 2013 As per plane reading of Section 44AD(5) he is not required to get his accounts audited if his Total Income is below the taxable slab.
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