Tax audit u/s 44ab

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Student
42 Points Joined August 2012

I am an individual maintaining books of accounts.

My business income is 2,50,000 p.a.

My loss for the year is 15,000.

I want to carry forward this loss to the next AY.

Do I need to conduct Tax Audit u/s 44AB....????

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On 22 July 2016 at 01:04 Report
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Kanpur
112 Points Joined January 2010
Only if turnover exceeds 1 crore
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On 22 July 2016 at 01:21
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Accounts Manager
1466 Points Joined August 2013

DEAR SOURAV SIR 

YOU ARE NOT LIABLIE TO AUDIT 44AB  IF YOU GROSS INCOME IS LESS THAN 1 CRORE 

YOU CAN ALSO C/F YOU LOSS

THANKS 

 

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On 22 July 2016 at 14:56
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PROFESSIONAL
761 Points Joined December 2009
"My business income is 2,50,000 p.a. (not for professional)"

if you are agree to pay tax on 8% of gross turnover or on profit as per profit and loss account {(book profit)} whichever is higher and turnover is not more than one crore during the year
audit is not required
if you don't agree with above situations, audit is your option.(in case of total income is more than basic limit)
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On 22 July 2016 at 15:48
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Student
42 Points Joined August 2012

Thanks Saurabh

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On 22 July 2016 at 23:09
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Student
42 Points Joined August 2012

thanks tanush sahani for your valuable knowledge

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On 22 July 2016 at 23:11
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Student
42 Points Joined August 2012

thanks a lot dinesh sir

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On 22 July 2016 at 23:16


CCI Pro

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