Does a business loss has to get audit?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 July 2012
rental income from commercial property rs.17500, minus expenses ie, intrest on loan for acquiring that property rs.25000 results in loss of rs.7500. can i file a return just showing this or do i have to get audit for this? but i dont maintain books of accounts for the same. plz reply me. its urgent.
CA M Indani
(Expert)
27 July 2012
dear for applicability of audit ur business turnover must be in excess of prescribed limit i.e. more than 60L
You can claim loss...without audit....
You can claim loss...without audit....
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SANYAM ARORA
(Expert)
28 July 2012
Yes you don't need any Audit and you can claim the desired expenditure
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