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 ?
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 ?
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.
Karia Overseas
Ahmedabad
CA
View Details
SMJ global advisors pvt ltd
New Delhi
B.Com
View Details
CAclubindia
