Tax audit
This query is : Open
Kalpana Ghoshal
(Querist)
02 October 2017
A COMPANY MADE PROFIT IN FY 15-2016 AS PER BOOK (CO ACT) BUT LOSS IN CASE OF INCOME TAX ( DUE TO DIFF IN DEP)
IN THAT CASE IS TAX AUDIT UNDER 44AB OR 44AD WILL APPLICABLE OR NOT
IN THAT CASE IS TAX AUDIT UNDER 44AB OR 44AD WILL APPLICABLE OR NOT
CA R SEETHARAMAN
(Expert)
02 October 2017
Tax audit applicable u/s 44AB only when the turnover exceeds 1 crore.
02 October 2017
Company is not eligible to opt 44AD. Eligible assessee's are individual, HUF or partnership firm.
CA Mohit Kumar
(Expert)
02 October 2017
if turnover is less than 1 cr then tax audit is not required
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