Is audit compulsory in case of firm having loss in a.y12-13
This query is : Resolved
24 July 2012
Is Tax Audit is applicable if partnership firm having loss in A.Y. 2012-13.??????Please Explain with reason.
24 July 2012
The criteria for Tax Audit u/s 44AB is the turnover during the Previous Year, not the Profit/Loss.
So, if your turnover is exceeding the prescribed limit, then audit will be required.
So, if your turnover is exceeding the prescribed limit, then audit will be required.
24 July 2012
no it is not mandatory.
as u/s 44ad,
if income is less than normal slab rate the rate 8% is not applicable.
as u/s 44ad,
if income is less than normal slab rate the rate 8% is not applicable.
24 July 2012
in case of non individual cases, tax audit is mandatory or you have to show atlease 8% of Turn over or gross receipts u/s. 44AD. so for loss cases tax audit become compulsory for this AY.
25 July 2012
Going with normal provisions of the act , Turnover is the criteria for audit u/s 44AB not the result.
However in case of presumptive taxation, audit will be required only when declaring income less than the amount/% as specified under respective sections. If for declaring less than the income as specified u/s 44AD, 44AE ,audit shall be applicable. If firm following presumptive taxation, audit will become applicable as the firm declaring loss.
However in case of presumptive taxation, audit will be required only when declaring income less than the amount/% as specified under respective sections. If for declaring less than the income as specified u/s 44AD, 44AE ,audit shall be applicable. If firm following presumptive taxation, audit will become applicable as the firm declaring loss.
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