44ad audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 September 2013
if a person has a turnover of 27lakhs and a gross loss of Rs.80000 in his business is he required to carry out audit u/s 44AD? he has no other income other than sb interest of around 5000. pls reply at the earliest.
27 September 2013
SECTION 44AB STATES 2 CONDITION TO BE SATISFIED IN ORDER TO GET THE ACCOUNTS AUDITED BY CA:
1. IF THE ASSESSEE CLAIMS THAT HIS INCOME IS LOWER THAN THE INCOME DEEMED UNDER SECTION 44AD AND
2. THE ASSESSEE TOTAL INCOME IS CHARGEABLE TO TAX
IN MY VIEW SINCE CONDITION 2 IS NOT SATISFIED AUDIT IS NOT REQUIRED TO BE DONE..
1. IF THE ASSESSEE CLAIMS THAT HIS INCOME IS LOWER THAN THE INCOME DEEMED UNDER SECTION 44AD AND
2. THE ASSESSEE TOTAL INCOME IS CHARGEABLE TO TAX
IN MY VIEW SINCE CONDITION 2 IS NOT SATISFIED AUDIT IS NOT REQUIRED TO BE DONE..
Message likes :
1 times
27 September 2013
Agree with experts opinion
Message likes :
1 times
28 September 2013
No audit report to be submitted in your case as agree with aryanji.
Message likes :
2 times
29 September 2013
No audit u/s 44AB need to be done if taxable income is less than the prescribed non taxable limit.
Message likes :
1 times
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- 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
