I just wanted to know whether I Have to file a tax audit report when I do a Loss in current year even if I have never taken presumptive scene. Do I still have to tax audit to carry forward my losses ?
Menu
Tax Audit If you show Loss
Replies (2)
What is the turnover? Whether you maintain books of accounts?
No, a tax audit is not required just because you have a business loss. You only need a tax audit if your turnover and conditions fall under Section 44AB of the Income Tax Act, 1961. To carry forward the loss, you simply need to file your ITR on time and report the loss correctly. The fact that you never opted for presumptive taxation does not create any tax-audit requirement by itself.
Recent Topic
- Set off of LTCL against STCG under section 536(2n)
- Audit Workflow tool
- Is CA through direct entry easy for a commerce stu
- Dividend and withholding tax - DTAA- RSU
- NRI Query: Capital Gains Tax Exemption under Secti
- Royalty payment to UK
- Calculate ITR2 tax with equity and non equity prof
- LTCG on residential property sale - Rebate?
- TDS MISMATCH AND AIS
- Return filing for intervening period upto date of
Related Topics
CAclubindia
