44 ad
This query is : Resolved
28 August 2014
Dear all,
Please suggest my below query..
For the AY 2014-15 my turnover is 60 Lakh and i want to declare loss... should i get audit or not ?
Please suggest my below query..
For the AY 2014-15 my turnover is 60 Lakh and i want to declare loss... should i get audit or not ?
28 August 2014
Yes if you want to declare loss then need to get audit done u/s 44AD
Otherwise declare profit of 8% of Turnover
Otherwise declare profit of 8% of Turnover
29 August 2014
No you are NOT required to get your accou ts audited.
Please refer to Section 44AD(5) which provides that audit is required if an assessee declares income LESS than 8% AND his income EXCEEDS the maximum amount not chargeable to tax.
in case of loss the income does not exceed the exemption limit.
so audit is not required
Please refer to Section 44AD(5) which provides that audit is required if an assessee declares income LESS than 8% AND his income EXCEEDS the maximum amount not chargeable to tax.
in case of loss the income does not exceed the exemption limit.
so audit is not required
Message likes :
1 times
30 August 2014
Thanks Siddhartha Sir for detail explanation
30 August 2014
You are welcome Tejas.
31 August 2014
You are welcome Rajesh. You should use the thanks button to convey your thanks.
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
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
