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Is audit require?


KIYOSH (TAX CONSULTANT)     20 June 2011

KIYOSH
TAX CONSULTANT 
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IN LAST YEAR MY CLIENT (IND) HAD LOSS OF AROUND 1 LAC IN DERIVATIVE TRADING & HIS TURNOVER IS 3 LAC.



AS PER SECTION 44AD IS HE REQUIRE TO GET ACCOUNT AUDITED TO CLAIM LOSS IN IT RETURN ?

 



PLEASE HELP ?



KIYOSH

siddharth bodas (CA in practice)     20 June 2011

siddharth bodas
CA in practice 
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 Audit is not require since your clients income is below taxable timit

avater

CA AMANPREET SINGH (Chartered Accountant)     20 June 2011

CA AMANPREET SINGH
Chartered Accountant 
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According to Sec 44AD it is required to get accounts audited to claim income lower than presumptive income.

avater

@*CS Siddharth Bumb. * (B.Com, CA Final, CS )     20 June 2011

@*CS Siddharth Bumb. *
B.Com CA Final CS  
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no audit is not required only return should be file intime to carry forward loss to get set off in next subsequent years

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CA ADITYA SHARMA (CA IN PRACTICE )     20 June 2011

CA ADITYA SHARMA
CA IN PRACTICE  
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Originally posted by : AMANPREET SINGH

According to Sec 44AD it is required to get accounts audited to claim income lower than presumptive income.

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CA AMIT AGRAWAL (Chartered Accountant)     21 June 2011

CA AMIT AGRAWAL
Chartered Accountant 
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As per section 44AD our presumtive income shall  be taken at 8% of gross turnover though assessee can declare his income more than 8% but if assessee wants to declare income less than 8% than it must get its accounts audited.

As in the aforesaid case the assessee is declaring a loss it must get its accounts audited to claim such loss.

avater

CA AMIT AGRAWAL (Chartered Accountant)     21 June 2011

CA AMIT AGRAWAL
Chartered Accountant 
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As per section 44AD our presumtive income shall  be taken at 8% of gross turnover though assessee can declare his income more than 8% but if assessee wants to declare income less than 8% than it must get its accounts audited.

As in the aforesaid case the assessee is declaring a loss it must get its accounts audited to claim such loss.


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