14 November 2014
our properitor turn over is 98 lakhs.,and net profit as per books is shown is loss., calculated as per Sec.44AD whether the properitor is liable to Tax Audit
14 November 2014
theoretically, if there is no other income (under any other head of incomes) which may lead to overall income (before adjusting business loss) in excess of basic exempted limit, the tax audit is not applicable in this case.
15 November 2014
there is another condition in the same sentence which says " and whose total income exceeds the maximum amount which is not chargeable to income-tax"
so if the income doesn't exceed exempted limit, no audit is applicable
15 November 2014
there is another condition in the same sentence which says " and whose total income exceeds the maximum amount which is not chargeable to income-tax"
so if the income doesn't exceed exempted limit, no audit is applicable