Tax audit
This query is : Resolved
01 August 2013
I am a individual having business loss. ,However, my Total income exceed the treshhold limit (exemption limit). I want to know that whether Tax Audit is applicable on me as per sec 44AB.
01 August 2013
Under clause (d) of Section 44AB, you are liable to get your accounts audited and file
the tax audit report.
.
Section 44AD(5) prescribes audit in such a case. Incidentally, I have come across the first query in which in spite of business loss, tax audit is required to be carried on.
.
the tax audit report.
.
Section 44AD(5) prescribes audit in such a case. Incidentally, I have come across the first query in which in spite of business loss, tax audit is required to be carried on.
.
Message likes :
1 times
01 August 2013
Sir,
Thanks for the reply.
But I had confusion regarding clause(d) of setion 44AB. The two condition present say:
1) Business Income is less than 8% of the Turnover.&
2) Income exceeds maximum amount not chargeable to tax.
So, my query is my business income is below the threshold limit & as per my understanding both condition are required to be satisfied for tax audit.
Sir Please guide me interpret the provision.
Thanks & Regards
Thanks for the reply.
But I had confusion regarding clause(d) of setion 44AB. The two condition present say:
1) Business Income is less than 8% of the Turnover.&
2) Income exceeds maximum amount not chargeable to tax.
So, my query is my business income is below the threshold limit & as per my understanding both condition are required to be satisfied for tax audit.
Sir Please guide me interpret the provision.
Thanks & Regards
01 August 2013
Condition No 2.
2) Income exceeds maximum amount not chargeable to tax
.
Read this as
2) Total Income exceeds maximum amount not chargeable to tax
.
Total Income means Income under all the heads less Deductions of chapter VIA.
.
Condition 1 is already complied with.
.
2) Income exceeds maximum amount not chargeable to tax
.
Read this as
2) Total Income exceeds maximum amount not chargeable to tax
.
Total Income means Income under all the heads less Deductions of chapter VIA.
.
Condition 1 is already complied with.
.
01 August 2013
Ok Sir. Thanks you very much.
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- ITDS U/S.194T of Firm
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- Invertaded duty struture
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- GST not cancelled by tenant
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
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
