Tax audit requirement u/s. 44ad and 44ab ? (in case of loss
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2016
dear all
partnership firm having sale of rs. 30 lakh, and net loss of rs. 2 lakh. for fy 2015-16 ay 2016-17. Whether is required to conduct audit u/s 44AD of 44AB of income tax act.?
however as per sec 44ad (5) no tax audit is required if eligible assessee who claims that his profit and gain from the eligible business are lower than 8% and whose total income not exceeds the maximum amount which is chargeable to income tax.
Now is Whether required to conduct audit as per sec 44ad(5), if partnership firm having net loss on the sale of 30 lacs.?
thanks
partnership firm having sale of rs. 30 lakh, and net loss of rs. 2 lakh. for fy 2015-16 ay 2016-17. Whether is required to conduct audit u/s 44AD of 44AB of income tax act.?
however as per sec 44ad (5) no tax audit is required if eligible assessee who claims that his profit and gain from the eligible business are lower than 8% and whose total income not exceeds the maximum amount which is chargeable to income tax.
Now is Whether required to conduct audit as per sec 44ad(5), if partnership firm having net loss on the sale of 30 lacs.?
thanks
Rupesh Jain
(Expert)
27 June 2016
if trading concern then you have to take the audit report u/s 44AD. as profit is lower than 8% of the gross sales.
KAVIRAJA ADDANGADI
(Expert)
27 June 2016
Yes if you declared profit less than 8% of gross Turnover than liable for tax audit.
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