Is tax audit compulsory if company is incurring loss
This query is : Resolved
18 October 2013
A private limited company has a gross receipts of Rs. 19,254.00 and it has incurred loss of Rs. 1282.
Is the company liable to get its accounts audited u/s 44AB of the Income Tax Act, 1961 for the AY 2013-14.
Is the company liable to get its accounts audited u/s 44AB of the Income Tax Act, 1961 for the AY 2013-14.
18 October 2013
No not at all compulsory. Ya but company audit is compulsory under companies act.
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18 October 2013
No tax audit required as the revenue from operations is less than 1 crore
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HOwever Need to appoint auditor as per Sec.224(1)of companies act for doing Statutory audit
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HOwever Need to appoint auditor as per Sec.224(1)of companies act for doing Statutory audit
19 October 2013
Thanks for ur valuable advice..
But I have a doubt that Section 44AB says if the profit is less than 8% of the turnover/receipts then the company has to get its accounts audited.
In this case also, the company's profit is less than 8%.
Plz advice.
But I have a doubt that Section 44AB says if the profit is less than 8% of the turnover/receipts then the company has to get its accounts audited.
In this case also, the company's profit is less than 8%.
Plz advice.
19 October 2013
my dear friend presumptive income provision is being applicable only for Individual, HUF and Partnership firm(Not LLP)
so 8& provision does not applicable to company
so 8& provision does not applicable to company
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19 October 2013
Agree with Rinkal Sir.
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