24 December 2014
Is a partnership firm is liable to get audit for AY 14-15 if it has turnover of 35 lac & net loss of 86000.
If yes than can it be audited now after the due date of audited return to be filed have passed.
25 December 2014
According to provisions of income tax Act if file the return after due date i.e.,u/s 139(1) then you can not carry the loss to next year.Only in case of depreciation loss and loss from house property shall be carried forward, You can get audit report by conducting audit under 44AD restrict to carried forward of loss.
Another thing is that You required pay penalty for not get audited within the time prescribed of Rs. 150000 or 0.5 % of turn over.
Take risk of tax audit only if you get benefit of carried forward of loss other wise file return in application of normal provision of section from 28 to 43 CA.
28 December 2014
If there is loss, as per sect. 44AD(5) audit is not required. The assessee is bound to get the books of accounts audited, if the following two conditions are satisfied:-
1. His profits and gains from the eligible business are lower than the profits and gains specified in sub-section (1) i.e. his net profit is lower than 8% of turnover.
and
2 Whose total income exceeds the maximum amount which is not chargeable to income-tax. (total income 2(45)-
The books of accounts will be required to be maintained and audited u/s 44AA(2) and 44AB respectively, only if both the conditions i.e declaring of income lower than 8% and exceeding of income above exempted limit, get fulfilled. For example If income is declared less than 8% of gross receipts but the total income doesnot exceed the exempted limit then no audit u/s 44AB will be required.
Both the conditions are simultaneous and the assessee required to get his accounts audited only and only if his profits from the business u/s 44AD are lower than 8% of turnover and further his total income is more than maximum amount which is not liable to tax.
PENALTY FOR DELAY :If return is submitted before end of Asst. Year i.e. 31 st March 2015 for AY 2014-15, no penalty attracts for delay. (MOB- 9850350854)
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