Sec 44ad

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Roshni (Querist)
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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

CA G. SURYANARAYANAN (Expert)
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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.

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Rupesh Jain

Rupesh Jain (Expert)
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25 November 2014 you can file return w/o taking TAX audit report.

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