Audit required or not ?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2015 Experts,

If one claims net profit less then 8% of turnover he has to get accounts audited.

But if an individual has started business in year end and turnover is zero, there is only purchase and other expenditure, accordingly there is loss that FY. Is he required to get his accounts audited to carry forward loss ?

Thanks.

Ishan Shah

Ishan Shah (Expert)
Follow

22 August 2015 Dear Anonymous,

Good day...!

Not only to get accounts audited with CA but also need to file return which should be in time return, then and then only losses can be carried forwarded as per I/Tax India.

Thanks.
Regards,
Ishan