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Net loss whether audit reguired u/s 44ab

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(Querist)
28 July 2012 A proprietorship firm has loss of Rs. 70000/- and its turnover is 39.5 lakhs... whether it is reguired to get its accounts audited as its netprofit is less than 8% or not. wat is its due date of filling return.... plz help
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
28 July 2012 No need of tax audit in view of section 44AD(5) provided the business carried on is an 'eligible business' as defined in explnation (b)of the said section.
Due date, therefore, is 31st July.
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SANYAM ARORA

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SANYAM ARORA (Expert)
28 July 2012 No need to get accounts audited
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CA mahesh birla

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CA mahesh birla (Expert)
29 July 2012 no, not required to get it audit but file return before 31st july to claim loss.
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