Tax Audit U/s. 44 AB in case of Loss
This query is : Resolved
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.
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.
18 June 2011
Yes. 44AB audit is required.
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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