Sec 44ad
This query is : Resolved
24 November 2014
if the assesee is having gross receipts of rs. 70 lacs and net loss of rs.12 lacs whether tax audit will be applicable to him.
CA G. SURYANARAYANAN
(Expert)
25 November 2014
Dear Roshni
Under section 44AD, if your declared income falls below 8% of gross receipts, you have to undergo tax audit even though your turnover is below 1 crore. However proviso 5 to Sec. 44AD states that if any financial year, the assessee has to taxable income (of if his income is below the taxable minimum) then he need not be subjected to tax audit and the return could be uploaded with out Tax Audit Report.
Under section 44AD, if your declared income falls below 8% of gross receipts, you have to undergo tax audit even though your turnover is below 1 crore. However proviso 5 to Sec. 44AD states that if any financial year, the assessee has to taxable income (of if his income is below the taxable minimum) then he need not be subjected to tax audit and the return could be uploaded with out Tax Audit Report.
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Rupesh Jain
(Expert)
25 November 2014
you can file return w/o taking TAX audit report.
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