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Tax audit u/s 44ab

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Sourav

Student

33 Points Posted on 22 July 2016

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....????

Replies (6)

Saurabh806

Kanpur

80 Points Posted on 22 July 2016

Only if turnover exceeds 1 crore

Mukesh Kumar

Accounts Manager

1292 Points Posted on 22 July 2016

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

Dinesh Mertiya

PROFESSIONAL

812 Points Posted on 22 July 2016

"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)