06 July 2012
i am a individual and my turnover is Rs.2,00,000/- and engaged in retail business. for the current year the loss is Rs.29,000/- shall tax audit will be applicable to me U/S 44 AB?
06 July 2012
tax audit wont apply as its less than the basic exmeption limit,say 8 percent of receipts is 16000 so no needs to maintain books of accounts
Querist :
Anonymous
Querist :
Anonymous
(Querist)
06 July 2012
Suppose my turnover is 38 lakhs in which case tax audit will not apply and my loss is 29000 which is less than the presumptive profit of 8%. Can I file a loss return without tax audit but with proper books of accounts?
06 July 2012
hi ,listen take 8 percent of turnover not your profit or loss dude,so 8 percent comes to 304000 ,then your liable to maintain books of account,if you want to escape then declare more than 8 percent,profit and loss has nothing to do with section 44ad,however its difficult to undersntd why do u want to opt 44ad,when you have loss ,go by normal provisions nad file return ,no need to maintain books of account
06 July 2012
hi ,listen take 8 percent of turnover not your profit or loss dude,so 8 percent comes to 304000 ,then your liable to maintain books of account,if you want to escape then declare more than 8 percent,profit and loss has nothing to do with section 44ad,however its difficult to undersntd why do u want to opt 44ad,when you have loss ,go by normal provisions nad file return ,no need to maintain books of account
06 July 2012
anyways u need not get books of acocunt audited,as your taxable income is less than 180000,so u cn opt 44ad,file loss reutnr ,but u must maintain books of account
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