Submission of loss return without audit
Querist : Anonymous
kindly inform that can i file loss return without audit for AY 2012-13 with total turnover of Rs.49,85,250
loss is Rs.485221
depreciation is Rs.1389552
Querist : Anonymous
regards
dhola nilesh
Querist : Anonymous
kindly revert quick as soon as possible so that i can file return in time
thanks
Querist : Anonymous
is there make any difference if firm is under audit in preceding year and now make loss with depreciation
Querist : Anonymous
is there make any difference if firm is under audit in preceding year and now make loss with depreciation
---
### Key points:
1. **Turnover Limit and Audit Requirement:**
* As per **Section 44AB** of the Income Tax Act, if your turnover is **less than Rs. 1 crore** (for business), audit is **not mandatory**.
* Your turnover is Rs. 49,85,250, which is **below Rs. 1 crore**, so audit is **not required**.
2. **Loss Return Filing:**
* You can file a **loss return without audit** since your turnover is below the prescribed limit.
* Loss will be allowed if the return is filed **within the due date** under **Section 139(1)**.
* Late filing might attract disallowance of loss under **Section 80(5)**.
3. **Depreciation and Loss:**
* Depreciation is a **non-cash expense** and allowed regardless of audit.
* There is no separate provision requiring audit just because depreciation is claimed.
* So, **claiming depreciation along with loss does NOT mandate audit**, provided turnover is within limits.
4. **Effect of Audit in Preceding Year:**
* If the firm was audited in the **preceding year**, it **does not automatically mandate audit** for the current year.
* The audit depends on the turnover and other thresholds for the **current year**.
---
### Conclusion:
* Since your business (daily traveling buses) has turnover below Rs. 1 crore, **you can file loss return without audit**.
* Ensure to file within due date to avoid disallowance of losses.
* Depreciation claimed will be allowed, and preceding year audit status does not affect current year audit requirement.
---
If you want, I can help draft a checklist or template for filing your return properly. Would you like that?
Querist : Anonymous
I HAVE ALREADY FILE LOSS RETURN THAT TIME.
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