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whether a person claing loss is required to get his accounts audited
Replies (13)
No need to Audit his accounts...
Dear friend, as per definition of person, person includes legal person as well as individual person.. If person is individual no need get his book audited upto turnover of 2 crores.... If person is legal entity for example Pvt Ltd company then statutory audit is mandatory, tax audit if turnover exceeds 2crores, (it differs based on type of person)
Yeah... May be or not... as per the law Yes...
But,
As better to understand the meaning of Person in here it's to Individual...
*** Small definition for meaning of person under Income Tax act...
https://www.learningthelaw.in/2016/09/definition-of-person-under-income-tax.H T M L?m=1
But,
As better to understand the meaning of Person in here it's to Individual...
*** Small definition for meaning of person under Income Tax act...
https://www.learningthelaw.in/2016/09/definition-of-person-under-income-tax.H T M L?m=1
It makes huge difference dear friend
It makes huge difference dear friend
I know or Not...
Better way to Query...
Better way to Query...
| Originally posted by : Thousif Tãïf | ||
 |
Dear friend, as per definition of person, person includes legal person as well as individual person.. If person is individual no need get his book audited upto turnover of 2 crores.... If person is legal entity for example Pvt Ltd company then statutory audit is mandatory, tax audit if turnover exceeds 2crores, (it differs based on type of person) |  |
For private limited companies, the audit is applicable once the turnover exceed Rs 1 cr. Please read 44AB properly.
Tq nikhil kaushik
you are most welcome...
from where 2 crore limit is given because in 44 ab limit provided is 1 crore
if you are covered under 44AD, and you offer your income under the provisions for presumptive taxation therein, you can avoid the audit for turnover upto 2 cr. But once you are out of 44AD, the audit limit is 1 cr only.
however limit under 44 ab is 1 crore
that I have already answered earlier. Whats the point in repeating the same!
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