application of tax audit
This query is : Resolved
Nikhil chaturvedi
(Querist)
20 September 2008
a broker has assumed that his turnover might exceed Rs.40 lakhs in the previous year. but in actual his turnover is below Rs.40lakhs.he actually suffers losses during the p.year.
so he did not file return on 31st july,2008 because he assumed that the date of return filing in his case is 30th september.
can he file the return on 30th september & carry forward his losses.
so he did not file return on 31st july,2008 because he assumed that the date of return filing in his case is 30th september.
can he file the return on 30th september & carry forward his losses.
20 September 2008
No chance of getting the loss carried forward.t is not the income, but the turnover whicg is the criterion for tax audit. The assessee would definitely know his turnover at all times.
20 September 2008
He will loose the c/fd benefit since he has not filed the return on or before 31st july 2008.
21 September 2008
Sorry for ur client but no excuse
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