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44ad audit

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Querist : Anonymous

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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.
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
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..
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Ashwani Narnoli

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Ashwani Narnoli (Expert)
27 September 2013 Agree with experts opinion
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CS RAJESH C.CHOUDHARY

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CS RAJESH C.CHOUDHARY (Expert)
28 September 2013 No audit report to be submitted in your case as agree with aryanji.
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Adv. R. B. Munot

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Adv. R. B. Munot (Expert)
29 September 2013 No audit u/s 44AB need to be done if taxable income is less than the prescribed non taxable limit.

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