Deduction of unabsirbed loss & depreciation u/s 44ad
This query is : Resolved
CA Jigisha
(Querist)
09 August 2011
MY one of the client has turnover below 60 lacs and earned profit below 8% of turnover.
Also he has Brought forward loss & Depreciation from earlier years. So that his net taxable income is becoming NIL.
Please tell Whether he is liable to Audit U/s 44AD or not?
Also he has Brought forward loss & Depreciation from earlier years. So that his net taxable income is becoming NIL.
Please tell Whether he is liable to Audit U/s 44AD or not?
CA Navin Jain
(Expert)
09 August 2011
yes he liable for audit.
09 August 2011
If the profit (which is less than 8% of the turnover in the cited issue) do not exceed the maximum amount which is not chargeable to tax, audit is not required vide section 44AD(5). To check the audit requirement, unabsorbed depreciation and carried forward business loss is not at all a criterion.
CA Ashwani Agarwal
(Expert)
09 August 2011
If net taxable income is below the minimum exemption limit then he is not required to get his accounts audited.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Movement of goods by packers and movers - type of sale - Reg.
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Missed uploading GST Invoice
- Query on effect of registration of property
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
