Regarding tax audit

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This query is : Resolved

AAYUSHI KHANDELWAL (Querist)

18 November 2013 Dear sir,

A Partnership Firm have Loss during the year.
And last year return filed on 8% of gross turnover bases

Now tell me that in this year Tax audit is required or not

CA.Shubhneet Kaur

CA.Shubhneet Kaur (Expert)

18 November 2013 Tax Audit u/s 44AB is required if Gross Turnover of the business of the year exceeds Rs. 1 crore or in case of profession if gross receipts exceeds Rs. 25 lacs during the year

AAYUSHI KHANDELWAL

AAYUSHI KHANDELWAL (Querist)

19 November 2013 Turnover is less than 1crore but we are not showing profit according Sec 44ad 8% of turnover in this case tax audit required or not????

CA.Shubhneet Kaur

CA.Shubhneet Kaur (Expert)

19 November 2013 Tax Audit is required only when turnover exceeds Rs. 1 crore. If turnover is below the tax audit limit we can prepare books of account and then calculate our profit and assess our income or we can opt for 44AD if applicable.
If we opt 44AD we have to declare profit of minimum 8%

AAYUSHI KHANDELWAL

AAYUSHI KHANDELWAL (Querist)

20 November 2013 I Agree but i`m asking that assessee not have 1crore turnover and not opt 44AD
Assessee carry loss during the year

So there is necessary tax audit or not..............

CA.Shubhneet Kaur

CA.Shubhneet Kaur (Expert)

20 November 2013 No Tax Audit Required

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