Tax audit is mandatory

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Partner
43 Points Joined September 2011
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
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On 22 July 2016 at 08:12 Report
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Chartered Accountant
618 Points Joined February 2015

No Incase of Loss You are not required to make audit U/s 44AB

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On 22 July 2016 at 10:28
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student
191 Points Joined July 2009
Yeah limits not reached and loss incurred so no tax audit..
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On 22 July 2016 at 10:42
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Accounts Manager
1466 Points Joined August 2013

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

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On 22 July 2016 at 14:52
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Management Consultant
1026 Points Joined August 2012

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. 

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On 23 July 2016 at 11:15
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Partner
43 Points Joined September 2011
But in case of profession section 44AD does not apply
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On 23 July 2016 at 15:51


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