Tax audit in case of loss
This query is : Resolved
03 August 2017
I need a confirmation on the following:
In case of loss (i.e. profit being less than 8%), whether tax audit is required if total income is less than the maximum amount chargeable to tax? I am using spectrum software for preparing tax returns which shows the message in cases where the profit is less than 8% (or where there is loss) and total income is well below the exemption limit. Please help on this
In case of loss (i.e. profit being less than 8%), whether tax audit is required if total income is less than the maximum amount chargeable to tax? I am using spectrum software for preparing tax returns which shows the message in cases where the profit is less than 8% (or where there is loss) and total income is well below the exemption limit. Please help on this
03 August 2017
no. audit is not required in such a case.
Message likes :
1 times
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
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- GST Rate for Catering Services
- RATE AND HSN CODE
- ITR 4 and Bank transactions
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- 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
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
