Section 44AB - Tax audit in case of loss
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07 September 2022
Hi,
Turnover Rs. 40,000
Loss Rs. 20,00,000
Partnership firm
first year of business
Tax Audit applicable or not?
44AB(e) carrying on the business shall, if the provisions of sub-section (4) of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year.
as per the above provision tax audit applicable,?
Turnover Rs. 40,000
Loss Rs. 20,00,000
Partnership firm
first year of business
Tax Audit applicable or not?
44AB(e) carrying on the business shall, if the provisions of sub-section (4) of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year.
as per the above provision tax audit applicable,?
07 September 2022
Tax audit not applicable in such a case.
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07 September 2022
Sir, Thank for reply
Section 44ad is not applicable because Profit is less than 8%/6%
Section 44AB is not applicable because of wordings "and whose total income exceeds the maximum amount which is not chargeable to income-tax"
need to file under non audit case to carry forward loss. is there any other option to carry forward loss?
Section 44ad is not applicable because Profit is less than 8%/6%
Section 44AB is not applicable because of wordings "and whose total income exceeds the maximum amount which is not chargeable to income-tax"
need to file under non audit case to carry forward loss. is there any other option to carry forward loss?
07 September 2022
File condonation application under section 119(2)(b) with CIT.
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