Deduction of unabsirbed loss & depreciation u/s 44ad
This query is : Resolved
09 August 2011
MY one of the client has turnover below 60 lacs and earned profit below 8% of turnover.
Also he has Brought forward loss & Depreciation from earlier years. So that his net taxable income is becoming NIL.
Please tell Whether he is liable to Audit U/s 44AD or not?
Also he has Brought forward loss & Depreciation from earlier years. So that his net taxable income is becoming NIL.
Please tell Whether he is liable to Audit U/s 44AD or not?
09 August 2011
yes he liable for audit.
09 August 2011
If the profit (which is less than 8% of the turnover in the cited issue) do not exceed the maximum amount which is not chargeable to tax, audit is not required vide section 44AD(5). To check the audit requirement, unabsorbed depreciation and carried forward business loss is not at all a criterion.
09 August 2011
If net taxable income is below the minimum exemption limit then he is not required to get his accounts audited.
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