banner_ad

Sec 44ad

This query is : Resolved 
Profile Image

Profile Image

(Querist)
06 August 2013 Under presumptive tax , Small Assessee (T.O below Tax Audit Limit) has to declare at least 8% of his Turnover (T.O) as profit and there is no Audit requirement.
Now suppose a Firm has no Sale/Income in the previous year and has incurred a loss after booking some of it expenditure. Is it required to be Audited as loss reported is below 8% as prescribed in 44AD?
In another case suppose that firm has T.o of Rs 100 and after booking all its exps , it has loss for Income tax. Now will it be covered under 44AD or 44AB?
Profile Image

CA Siddhartha Bhardwaj

Profile Image

CA Siddhartha Bhardwaj (Expert)
06 August 2013 The firm is required to get its accounts audited in both the cases since the firm is not fulfilling the conditions of Section 44AD (show 8% of turnover as income).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
06 May 2026
Account Assistant / Article Clerk

V.K. Ranjan & Co(Chartered Accountants)

New Delhi

B.Com

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
11 May 2026
CA Dropout

Patron Accounting LLP

Pune

CA Inter

View Details
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details