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Audit required under income tax?

tirth (CA) (72 Points)

28 September 2017

IF AN INDIVIDUAL HAS TURNOVER OF 23,00,000 AND LOSS OF 2,00,000. IS HE REQUIRED TO GET BOOKS OF ACCOUNT AUDITED UNDER INCOME TAX?????

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8 Replies

SAURAV DUGAR (4 Points)
Replied 28 September 2017

Yes Audit is required

(Guest)

hw come huge loss for small turnover

RAJA P M ("Do the Right Thing...!!!") (127058 Points)
Replied 28 September 2017

In my view.,
No need Tax Audit...

Karan Arora (Manager) (55 Points)
Replied 28 September 2017

Turnover is less than 1 crore . Audit not required

SAURAV DUGAR (4 Points)
Replied 28 September 2017

if turnover less than one cr then show 8 percent profit or 6 percent of turnover then no need of audit

CA RAHUL GARG (PRACTICING PROFESSIONAL) (25 Points)
Replied 28 September 2017

Audit not required because his taxable income not exceed maximum amount not chargeable to income tax even though he is showing less than 8% #refer section 44ad#

1 Like

nibinajay (nothing) (124 Points)
Replied 28 September 2017

If you are filing in 44AD profit for 23,00,000 is only 1,84,000 below the exemption limit of individual..
but if you maintain books then you have an option to choose audit and if you are choosing tax audit then you can file by showing loss and you can carryforward that loss and next year you can also claim that loss