Dear Expert,
1)Private Limited Management consultancy has a Turnover of 4.50 lacs and a net loss of 2.50.
In this case tax audit will be Applicable or Not?
2) LLP in the field of news and media has a turnover of 23 lacs and a net profit of around 25,000, in this case, tax audit will be applicable or not?
Thanks in Advance.
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Tax Audit or Not-Urgent
Replies (3)
Quick Summary
Loss should be audited
1. Since it is a 'Company' assessee and turnover is less than Rs. 1 crore, tax audit is not applicable. Even if it is a loss return, sec 44AD provisions will not apply as it is not an 'eligible assessee' as per section 44AD being a 'Company'.
2. In the second case as well, since it is a LLP, tax audit will be applicable if turnover is more than 1 crore; which is not the case here. Section 44AD provisions will not apply as it is not an 'eligible assessee' since it is a LLP.
In both the cases, tax audit is not applicable.
2. In the second case as well, since it is a LLP, tax audit will be applicable if turnover is more than 1 crore; which is not the case here. Section 44AD provisions will not apply as it is not an 'eligible assessee' since it is a LLP.
In both the cases, tax audit is not applicable.
Thank you, Sir, for your Valuable reply.
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