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)
Quick Summary
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 Topics :
- Reply plz guys
- Tax Deduction and Collection Account Number
- Where can students practice XAT PYQs effectively?
- Gst on Guest house 5% without ITC
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
- AGM Defective Notice
- IMS Rejection of Sales and Sales return
- Taxation of Gift - Father to Daughter
Related Topics :
CAclubindia
