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Turnover for tax audit

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Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2012 When turn over/ receipts are nil and expenses spent from Propietors own funds/ loans to the extent of Rs. 70.00 lacs is it covered under 44AB audit? Please clarify.

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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07 August 2012 Then Neither 44AB Applicable, Nor 44AD Applicable Since No Turnover.
Claim Loss Carry Forward Provided as Per IT Rules.

CA Navin Jain

CA Navin Jain (Expert)
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07 August 2012 NO NEED OF TAX AUDIT UNDER SECTION 44AB

CA PRAVEEN SINGH

CA PRAVEEN SINGH (Expert)
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07 August 2012 AGREE WITH ALL ABOVE...

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