Section 44AB - Tax audit in case of loss
This query is : Resolved
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.
Message likes :
1 times
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- TDS related Query_Liquidated Damages
- Long Term Service award taxability in hands of company
- Free lancer income
- NON- SUBMISSION OF LLP FORM 3
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Form 27Q Correction statement taking too long to update on IT Portal
- ITR selection for salaries and capital gain less than L
- Showing Gift from relative in ITR for this year
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
