Applicability of Sec 44ad in case of loss

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if loss below 8%, then accounts will be audited

Originally posted by : srikumar
	if loss below 8%, then accounts will be audited

 

If showing less than 8% then Tax Audit is applicable.

if assessee incurres a loss he is required to do audit u/s 44AB but subject to basic exemption limit of income.
otherwise you may opt 44AD

Originally posted by : srikumar
	if loss below 8%, then accounts will be audited

If its loss then no need to Audit

why? please explain

pl expalin

 

44AB. 50Every person,—

[a] carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in any previous year; or

[b] carrying on profession shall, if his gross receipts in profession exceed 51[fifty] lakh rupees in any previous year; or

[c] carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AE or section 44BB or section 44BBB, as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any previous year; or

[d] carrying on the 52[profession] shall, if the profits and gains from the 52[profession] are deemed to be the profits and gains of such person under section 44ADA and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his profession and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year; or

[e] carrying on the business shall, if the provisions of sub-section [4] of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,

get his accounts of such previous year audited by an accountant before the specified date and furnish by that date the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed :

in my opinion according to the foregoing paragraphs, in your case tax audit is applicable if you declare less than 8% or 6% as the case may be