Sir,
It is nessary to conduct audit u/s 44AD if firm incurre loss during the yr.
Thank in advance
Gaurav
gaurav panwar (ca) (57 Points)
12 June 2013Sir,
It is nessary to conduct audit u/s 44AD if firm incurre loss during the yr.
Thank in advance
Gaurav
DIBYENDU
(SERVICE)
(266 Points)
Replied 13 June 2013
gaurav panwar
(ca)
(57 Points)
Replied 13 June 2013
Sir,
If turnover of firm is less than 1 crore and it show loss during the yr, then Sec44AD is applicable or not
Gaurav
Ritika Pundir
(CA)
(154 Points)
Replied 15 June 2013
* If turnover exceeds 1Crore, audit is compulsory
* In case of section 44AD, the assessee has to presumptively tax atleast 8% of the gross proceeds of the business. In case claiming profit lower than 8%, then audit is compulsory
CAclubindia
