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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- ITR returnFY25-26
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 1: Details for showing Exempt Income
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR validation error - Balance sheet is not filled
- Share accounting-->fifo - capital gain - period as per fifo?
- Registration as Authorised Representative of minor
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
