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Audit U/s 44AB

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(Querist)
02 July 2011 Dear Sir,

If Assessee has a business loss than is he liable to get his account audited u/s 44AB ?
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CA Navin Jain

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CA Navin Jain (Expert)
02 July 2011 TAX AUDIT IS APPLICABLE ON TURNOVER BASIS NOT ON THE BASIS OF PROFIT AND LOSS.

IF TURNOVER IS EXCEED OF RS 60LACS/ 40LACS THEN TAX AUDIT IS MANDATORY
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CA KRISHNA KUMAR DARUKA

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CA KRISHNA KUMAR DARUKA (Expert)
02 July 2011 U/s 44AD even in case of loss if the turnover is less than 60 lakhs, tax audit is applicable. This rule is applicable to partnership firms.
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CA Suresh Choudhary

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CA Suresh Choudhary (Expert)
02 July 2011 Agree with experts

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