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Tax Audit

14 August 2017

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.

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14 Replies

CA Prashak Kumar Goyal (Pratice) (192 Points)
Replied 14 August 2017

No, He is not required to get his account audited but he has to mantain his book of account.

1 Like

Suresh Pai S (Tax Consultant) (1029 Points)
Replied 14 August 2017

As he is declaring a loss, he needs to get his accounts audited.

CA Prashak Kumar Goyal (Pratice) (192 Points)
Replied 15 August 2017

@ SureshPaiS In Which section it has been written that tax audit is mandatry if assessee is claiming loss ?

harish prajapati (97 Points)
Replied 15 August 2017

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

RAMESH D MODI (Proprietor) (4864 Points)
Replied 15 August 2017

In case of loss tax audit not required. It is required only if yout income is more than basic exemption limit .

1 Like

harish prajapati (97 Points)
Replied 15 August 2017

@ Ramesh D Modi, under which section ??

CA Prashak Kumar Goyal (Pratice) (192 Points)
Replied 15 August 2017

In Case of business tax audit is only required when your turnover exceed 1 crore.

RAJA P M ("Do the Right Thing...!!!") (127417 Points)
Replied 15 August 2017

(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....!!!