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 ?
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.
02 July 2011
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