Tax audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 November 2014 our properitor turn over is 98 lakhs.,and net profit as per books is shown is loss., calculated as per Sec.44AD whether the properitor is liable to Tax Audit

THANKS IN ADVANCE

Nikhil Kaushik

Nikhil Kaushik (Expert)
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14 November 2014 theoretically, if there is no other income (under any other head of incomes) which may lead to overall income (before adjusting business loss) in excess of basic exempted limit, the tax audit is not applicable in this case.

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Querist : Anonymous

Querist : Anonymous (Querist)

14 November 2014 Whether Sec.44AD Stated that Loss showing Concerns also should eligible for Tax Audit.,

As they Are showing Income less than 8% of the Turnover.,

Thanks In advance

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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15 November 2014 there is another condition in the same sentence which says " and whose total income exceeds the maximum amount which is not chargeable to income-tax"

so if the income doesn't exceed exempted limit, no audit is applicable

Nikhil Kaushik

Nikhil Kaushik (Expert)
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