Sec.44ad
This query is : Resolved
02 April 2013
If Firm has a gross profit above 8% but has a net loss ,then Audit to be done or not?Turnover is less then 1cr
02 April 2013
Audit is based on Turnover u/s 44AB not on Profit.
For Business: If Turnoiver exceeds Rs. 1 Crore
For Profession: If Gross Receipt Exceed Rs. 25 lakh
Than only Tax Audit is required
For Business: If Turnoiver exceeds Rs. 1 Crore
For Profession: If Gross Receipt Exceed Rs. 25 lakh
Than only Tax Audit is required
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