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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Audit required under income tax?
Replies (8)
Yes Audit is required
hw come huge loss for small turnover
In my view.,
No need Tax Audit...
No need Tax Audit...
Turnover is less than 1 crore . Audit not required
if turnover less than one cr then show 8 percent profit or 6 percent of turnover then no need of audit
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#
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
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
If audit is not required how can an individual claim that loss in subsequent year
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