Audit U/s 44AB
This query is : Resolved
02 July 2011
Dear Sir,
If Assessee has a business loss than is he liable to get his account audited u/s 44AB ?
If Assessee has a business loss than is he liable to get his account audited u/s 44AB ?
CA Navin Jain
(Expert)
02 July 2011
TAX AUDIT IS APPLICABLE ON TURNOVER BASIS NOT ON THE BASIS OF PROFIT AND LOSS.
IF TURNOVER IS EXCEED OF RS 60LACS/ 40LACS THEN TAX AUDIT IS MANDATORY
IF TURNOVER IS EXCEED OF RS 60LACS/ 40LACS THEN TAX AUDIT IS MANDATORY
02 July 2011
U/s 44AD even in case of loss if the turnover is less than 60 lakhs, tax audit is applicable. This rule is applicable to partnership firms.
CA Suresh Choudhary
(Expert)
02 July 2011
Agree with experts
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