tax audit
This query is : Resolved
09 August 2008
last year co was havin a profit and tax audit was done. this year co is havin loss so tax audit is to be done or not?
09 August 2008
It is not the profit or loss which matters but it is the limit of Sale, Turnover or Gross Receipt which is the only criterion in taking the decesion to get a Tax Audit Report or not. As per sec 44AB a person whose Sale, Turnover or Gross Receipt from a Business is 40lacs or more(For Profession 10Lac), is liable for Tax Audit.
09 August 2008
ya mr ramesh is right tax audit is appicable for turn over and income not belong to profit and loss only tds provision is applicable
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