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Tax Audit U/s. 44 AB in case of Loss

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This query is : Resolved

Rajkumar Tolani (Querist)
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18 June 2011 An Assessee(Individual/HUF/Firm) having turnover less than 60 Lakhs and claiming loss i.e. Income below specified limti 8% U/s. 44AD.

According to 44AD, if assessee has trunover is less than 60 Lakhs and is declaring income less than 8%, then he has to get his books of accounts audited.

So, if he is cliaming Loss, then whether he should audit the book of account or not for AY 2011-12.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 June 2011 Yes. 44AB audit is required.

Rajkumar Tolani

Rajkumar Tolani (Querist)
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18 June 2011 Thanku Sir, Can U explain me with Legal Reference? bcoz 44AD says 44AB applicable incase person claiming income less than 8% AND WHOSE TOTAL INCOME EXCEEDS THE MAXIMUM AMOUNT WHICH IS NOT CHARGEABLE TO INCOME TAX.

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