Hi Every one,
A company having a turnover of 55 lakhs with a loss of 6 lakhs. Whether tax audit is applicable in this situation?
Pls sort me out of this situation...
Hi Every one,
A company having a turnover of 55 lakhs with a loss of 6 lakhs. Whether tax audit is applicable in this situation?
Pls sort me out of this situation...
No... tax audit is not required in such case...
As per Sec44AB of Income Tax Act , For A.Y. 13-14, the Assesse whose turnover is not more than Rs.1Crore, and for Professional His Revenue is not more than Rs.25lacs , then he is not Required to get his Account audited U/S 44AB.
But as per Sec44AD, the person whose Turnover is not more than Rs.1Crore, and his Gross Total Income is more than Rs.2lacs and the Assesse doesn't want to get his A/c audited. then his Profit will deemed to be 8% of the Turnover.
As per details given by you, I suggests you that u shouldn't get Audit of your books of A/c.
Regards,
Harish Bansal
9996133305
Individual Person Sales Trunover Rs.80,52,650/- and Net Profit Rs.80526/- ( Profit of Persentage below 8%) So his Accounts Required Tax Audit?
Hi
. If you are ready to declare 8% as taxable income tax audit is not mandatory
If you want to declare actual profit as taxable income, audit is mandatory
Below 8% Net Profit Accounts Audit Must, 3CB-3CD upload by Auditor Must?
Dear Dipak sir,
if the assessee opts for Sec. 44AD, then only audit is required in your case. And yes, then 3CB-3CD are required to be uploaded by the tax auditor... and all other procedures are required, which a Sec. 44AB (turnover >1crore) requires to be complied with...
Sec 44AD is applicable to
Individual
Huf
Partnership firm(Not being a limited liability firm)
So, it is not applicable to company
As per Sec 44AB , condition for application this section to 44AD is under
If such person claims that the profits and gains from the business are lower than the profits and gains computed in accordance with the provisions of section of 44AD(1) and if his income exceeds the maximum amount which is not chargeable to tax (applicable from assessment year 2012-12)
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