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Tax Audit
An assessee have a turnover of Rs. 37,00,000/- and his business loss for the P.Y. is Rs. 3,00,000/-. I have question whether he required to get his account audited u/s 44AB ? He is also not declaring income u/s 44AD.
Replies (14)
No, He is not required to get his account audited but he has to mantain his book of account.
As he is declaring a loss, he needs to get his accounts audited.
@ SureshPaiS In Which section it has been written that tax audit is mandatry if assessee is claiming loss ?
Section 44AB and 44AD does not say that if You are declaring Income lower than 8%, you are required get account audited. @ suresh pai s
In case of loss tax audit not required. It is required only if yout income is more than basic exemption limit .
@ Ramesh D Modi, under which section ??
In Case of business tax audit is only required when your turnover exceed 1 crore.
(In Case of business tax audit is only required when your turnover exceed 1 crore.)
We know the limit of Audit requirement...
What is above said query related answer. It audit required or not...?
If yes, Explain here!
If No, Explain here!....
I'm waiting for the exact reply and solving query....!!!
We know the limit of Audit requirement...
What is above said query related answer. It audit required or not...?
If yes, Explain here!
If No, Explain here!....
I'm waiting for the exact reply and solving query....!!!
section 44AB sub clause e
also read section 44Ad
also read section 44Ad
But assessee had not declared his income u/s 44AD.
Yes. In this case 44AB doesn't apply because even though 44AD apply, income doesn't exceed the basic exemption limit.
please read clause e of section 44AB
please read clause e of section 44AB
No, audit is not required.
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