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Audit is required ?

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This query is : Resolved

Rajesh Chadda (Querist)

26 November 2011 my client has made no sale during the previous year but there are some expenses relating to his business. As such there is a loss of Rs. 72000/- where no sale or sale is NIL,Its come under preview of if net profit less than 8% of turnover audit is required.Inthis case Audit is required ?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

26 November 2011 there is no sale so profit or loss as per section 44AD so you offer like this don't claim your actual loss then audit as per section 44AB not required. but you want to claim loss then 44AB audit required but no use of doing 44AB audit because there is due date to file loss return to carry forward to future years is over so if you loss return now is also equal to no profit or no loss return i.e section 44AD for your case. So my suggestion is there is no use of doing audit and filling return now so you file return as per 44AD now
OM SAI SRI SAI JAI JAI SAI

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