Loss return - needs auditor signing?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 July 2012 A firm having TO of 3lacs incurred loss. is it mandatory to get auditor signature as per 44AD to file return

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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14 July 2012 In my view, the firm is having its income below the taxable limit (i.e. Zero) so it is not required to get its account audited.

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shivaji prasad bhimavarapu

shivaji prasad bhimavarapu (Expert)
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15 July 2012 Need some more information in the query. Assumptions drawn: Turnover 3.00 lakhs, Deemed profit under 44AD is 8% on 3.00 lakhs=24,000. After applying Remuneration,Interest on partners capitals as per Deed of Partnership, then resultant figure is loss- No need to get it audited.

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Querist : Anonymous

Querist : Anonymous (Querist)

15 July 2012 No the company incurred loss before remuneration & interest on capital itself

CS ANAND RAVADA

CS ANAND RAVADA (Expert)
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15 July 2012 generally the assessee wants to adopt the profit offered to tax below the prescribed percentage, i.e.8% then he has to get his accounts audited. But in this case the same was not applicable as the income is negative hence not required

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