A private company whose gross turnover is above 40 lakhs, but its expenses is more than the income i.e. loss. Is sec-44AB is aplicabel for this company.
21 October 2012
Applicability of section 44AB is not based on whether a person is doing profit or loss. It is on TURNOVER or GROSS RECEIPT as the case may be.
w.e.f 1-4-2013 For Business - If turnover/sales/gross receipt exceeds Rs. 1 crore
For profession - If gross receipts exceeds 25 lakh
21 October 2012
I agree with CA N. Parinda. For the AY 2012-13, Audit is compulsory only if the Turnover exceeded Rs. 60Lakhs. Business Loss can be carried forward and adjusted against profits of succeding years ONLY IF the return is filed with in due date.
CAclubindia
