TAX AUDIT IF LOSS

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Eldhose MV

Eldhose MV (Querist)
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12 June 2020 Please provide the details regarding audit under sec 44AB in case of loss

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 June 2020 No tax audit applicable in case of loss.

swasti

swasti (Expert)
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13 June 2020 Just for academic purpose Sir, if in such case the turnover has crossed the specified limit, what would be the scenario? Kindly guide.

CA Shrey Tripathi

CA Shrey Tripathi (Expert)
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13 June 2020 if Audit is under clause (a), (b) or (c) of section 44AB, then Audit is mandatory regardless of profit/ Loss.. if it is under clause (d) & (e), No Audit if his income does not exceed maximum amount not chargeable to tax

Aashok Kumar Sharma online

Aashok Kumar Sharma online

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14 June 2020 https://cleartax.in/s/tax-audit-section-44ab
https://taxguru.in/income-tax/tax-audit-section-44ab.html
https://www.incometaxindia.gov.in/Acts/Income-tax%20Act,%201961/2016/102120000000058099.htm

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