Tax audit applicable or not

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 June 2015 Sir, I am having a turnover of my business ₹.52lacs and I am maintaining a books of accounts u/s 44AA and I am having a loss of 3lakhs now I will come under audit u/s 44AB or not ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 June 2015 what is the exact nature of your business.

If it is covered under definition of eligible business under section 44AD, then yes audit is applicable as your profit is less than 8% and in excess of exemption limit

Ankur Singhal

Ankur Singhal (Expert)
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22 June 2015 Dear if you are not covered under section 44AB,
But with turnover of Rs.52 lacs you have to show profit of atleast 8% i.e Rs.416000/- under section 44AD.

But if you want to show profits less than Rs.416000/- then you have to go for audit under section 44AB, optionally

Querist : Anonymous

Querist : Anonymous (Querist)

22 June 2015 If profit is below exemption limit I.e, ₹ 2lacs then i need not go for audit?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 June 2015 nopes...in that case you need not...

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