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 :
- FAST DS 2026 query
- Consultation
- E-way notices for FY 22-23
- Gst file not created
- Regarding 3CEB query
- Omitted E-Commerce Sales Reported in Table 14 but
- Omitted sales shown in GSTR-1 Table 14 but not in
- EWAY BILL TAKE OUT OF OTHER COMPAMY
- Penalty & late fee for late ITR filing
- Business discontinued as Government took possessio
Related Topics :
CAclubindia
