Audit for 44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 August 2011 A) If a person claimed his income below the deemed profits (8% of turnover) and his total turnover is below 60lacs then

1. Whether his accounts are to be audited even if his total income is below maximum amount which is not chargeable to tax?

2. Whether audit is required for any turnover i.e. from Rs. 1 to Rs. 60 lacs?

3. If required in which form the audit report is to be prepared?Is it 3CB & 3 CD?

B) If for AY 2011-12 he has shown 8% profit Rs. 160000 on his turover of Rs. 20 lacs. He has b/f loss of Rs. 15 lacs for AY 2011.12 then can he c/f remaining loss Rs. 1340000 to AY 2012.13?

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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07 August 2011 1. No need to get audited.

2. Audit is required if turnover below 60 lakhs and income more than exemption limit.

3. In 3CB/3CA and 3CD.

B. Yes you can claim set off from the current income of previous year losses.