Menu
tax audit
is a newly formed partnership firm liable to audit having zero turnover showing loss.the provisions of sec 44AD states that if income exceeds maximum amt not chargeable to tax,then audit is required.will it apply to loss and hence no audit.wat if tax audit if applicable not filed wat is the penalty turnover is zero so 0.5% of turnover is zero, hence no penalty??
Replies (4)
Mam ..44AD is not applicable ...there is a loss in your case....there is no requirment of audit..simply just file return of loss with preparing proper books of accounts
No, Tax Audit not required in your case
44 AD not applicable in this case
@ Simran.,
If Your business is eligible in that section then You can file ITR with LOSS.
But, You can't carry forward the LOSS TO NEXT YEAR...
If Your business is eligible in that section then You can file ITR with LOSS.
But, You can't carry forward the LOSS TO NEXT YEAR...
Recent Topics :
- Foreign remittance
- Affordable Residential Flats in Gurgaon
- Manufacturing
- TAN REGISTRATION ON E-FILLING SITE
- Form 10-IEA – Continuing Old Regime
- Income tax act 2026
- Belated Return where Form 10IEA filed this year to
- GST Reconciliation Tool (2A vs Books) - looking fo
- TDS ON PF FORM 19 WITHDRAWAL
- Can a virtual office in Mumbai be used for company
Related Topics :
CAclubindia
