Is Tax Audit applicable for Pvt Ltd Company For Loss Cases
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A. Christy Vijula
(Querist)
08 September 2021
Dear Experts,
Is Tax Audit applicable for Pvt Ltd Company For Loss Cases when turnover is 1 crore plus and with no cash payments nor cash receipts. The Company has a Loss. In such a case Can I Apply the 10 crore Threshold Limit and say Tax Audit is not Applicable for the company.
How to handle Companies with Loss .
Thank You for your Valuable Input.
Is Tax Audit applicable for Pvt Ltd Company For Loss Cases when turnover is 1 crore plus and with no cash payments nor cash receipts. The Company has a Loss. In such a case Can I Apply the 10 crore Threshold Limit and say Tax Audit is not Applicable for the company.
How to handle Companies with Loss .
Thank You for your Valuable Input.
08 September 2021
If all the transactions are with banking channel, the limit for audit u/s. 44AB(1) is 10 Crs. and hence tax audit not applicable.
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A. Christy Vijula
(Querist)
08 September 2021
Dhirajlal Sir,
Thank you for this clarification. Appreciate your support.
Thank you for this clarification. Appreciate your support.
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22 September 2021
My Pleasure ....
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