19 September 2013
In case of loss actually the gross turnover will decide whether tax audit is compulsory or not as if it exceeds Rs 1 Crore for business and 25 lakhs for profession thne even in case of loss tax audit is applicable.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
19 September 2013
turnover is less than RS. 6000000 . so audit is not require but what about books of accounts. firm having loss of RS. 500000. what i should do ?
19 September 2013
Agree with our Expert's opinion...
Section 44AB would be applicable if the Gross turnover exceed the prescribed limit that's 1 crore p.a
Querist :
Anonymous
Querist :
Anonymous
(Querist)
19 September 2013
in case of individual if having loss or income less than basic exemption limit( if declare less than 8 % of turnover) than neither books of accounts require or not audit require. same can be apply in case of partnership firm
Querist :
Anonymous
Querist :
Anonymous
(Querist)
19 September 2013
https://www.caclubindia.com/articles/some-lights-on-sec-44aa-44ab-44ad--17846.asp#.UjrIGNLWVr0.
19 September 2013
If the gross receipts for the year exceeds rs1,20,000 then if sec 44AD is not invoked then books of accounts as per sec 44AA is required to be maintained.