Net loss whether audit reguired u/s 44ab
This query is : Resolved
CA Harshita
(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
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.
Due date, therefore, is 31st July.
SANYAM ARORA
(Expert)
28 July 2012
No need to get accounts audited
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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