Individual is a retired doctor from govt. starting practice f.y 2015-16 showing gross receipts 40200
during the year and showing loss 120467 after incurred expenses. he have other income
pension rs. 600000
interest on FD 455678
please advise
Menu
Tax audit is mandatory
Replies (5)
No Incase of Loss You are not required to make audit U/s 44AB
Yeah limits not reached and loss incurred so no tax audit..
AGREE WITH ABOVE REPLIES
YOU ARE NOT LIABILE TO AUDIT 44AB DUE TO YOU INCOME IS LESS THEN LIMIT OF AUDIT ALTHOUGHT YOU DECLARE LOSS IN YOUR ITR
THANKS
In addition, section 44AB of the Income-tax Act, 1961 mandates a person to get his books of accounts audited if he is carrying on a business and his total turnover exceeds one crore rupees. However, in the case of a professional, he is required to get his books of accounts audited if his total receipts exceed twenty five lakh rupees. Further, a person who claims his income to be lower than the amount determined under the various provisions relating to presumptive income is also required to get his books of accounts audited.
But in case of profession section 44AD does not apply
Recent Topic
- 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
- EPF Withdrawal taxation
- While e filing otp not generating
Related Topics
CAclubindia
