TAX AUDIT IF LOSS

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Eldhose MV

Eldhose MV (Querist)
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12 June 2020 Please provide the details regarding audit under sec 44AB in case of loss

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 June 2020 No tax audit applicable in case of loss.

swasti

swasti (Expert)
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13 June 2020 Just for academic purpose Sir, if in such case the turnover has crossed the specified limit, what would be the scenario? Kindly guide.

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CA Shrey Tripathi

CA Shrey Tripathi (Expert)
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13 June 2020 if Audit is under clause (a), (b) or (c) of section 44AB, then Audit is mandatory regardless of profit/ Loss.. if it is under clause (d) & (e), No Audit if his income does not exceed maximum amount not chargeable to tax

Asha Kanta Sharma online

Asha Kanta Sharma online

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14 June 2020 https://cleartax.in/s/tax-audit-section-44ab
https://taxguru.in/income-tax/tax-audit-section-44ab.html
https://www.incometaxindia.gov.in/Acts/Income-tax%20Act,%201961/2016/102120000000058099.htm