Tax audit
This query is : Resolved
13 March 2014
A company was incorporated on 27/02/2013. It did not have any sales in the FY 2012-13. The PL is debited only with the write off of Preliminary expenses. Is it liable for tax audit us-44AB?
Would it make any difference if it had incurred expenses such as Purchase, salary etc in the said FY?
Please provide relevant case laws, if possible.
Would it make any difference if it had incurred expenses such as Purchase, salary etc in the said FY?
Please provide relevant case laws, if possible.
14 March 2014
No Tax Audit is not required. Since there is no turnover. Tax audit criteria is turnover, which is Rs 1 crore for business.
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