Filling of loss return
This query is : Resolved
PRASAD NALLALA
(Querist)
28 April 2014
Sir/Madam,
one of my client is engaging on construction business, he has profit of Rs 1,92,560 for A.Y 2013-14 but it's covered under minimum limit i.e, Rs 2,00,000.
But now he suffers from losses for the F.Y 2013-14 Rs 2,14,756 and defiantly he will earn a more 4 lacks profit for the next year ( on estimate basis).
Now what my query is that is any requirement of audit report to file his loss return.
Sec 44AB would not applicable to him as his turnover is very low to compulsory audit limit i.e, ( turn over 10,00,000 to 15,00,000
one of my client is engaging on construction business, he has profit of Rs 1,92,560 for A.Y 2013-14 but it's covered under minimum limit i.e, Rs 2,00,000.
But now he suffers from losses for the F.Y 2013-14 Rs 2,14,756 and defiantly he will earn a more 4 lacks profit for the next year ( on estimate basis).
Now what my query is that is any requirement of audit report to file his loss return.
Sec 44AB would not applicable to him as his turnover is very low to compulsory audit limit i.e, ( turn over 10,00,000 to 15,00,000
Nikhil Kaushik
(Expert)
28 April 2014
well 44AD requires audit only where profit is less than 8% but more than the exempted limit. where you incur losses, 44AD cannot invoke audit compliance for the same reason.
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