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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Tax audit u/s 44ab
Replies (6)
Only if turnover exceeds 1 crore
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
"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)
Thanks Saurabh
thanks tanush sahani for your valuable knowledge
thanks a lot dinesh sir
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