Tax audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

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?

CA Sripal Jain

CA Sripal Jain (Expert)
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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?

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CA Sripal Jain

CA Sripal Jain (Expert)
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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

CA Sripal Jain

CA Sripal Jain (Expert)
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CA Sripal Jain

CA Sripal Jain (Expert)
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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