TAX AUDIT REQUARED OR NOT

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 July 2011 MY CLIENT HAS A TURNOVER OF 35 LAKHS AND NET LOSS OF RS. 200000.

HE WANTS TO C/F THIS LOSS.

WHETHER HE IS REQUIRED TO GET HIS ACCOUNTS AUDITED.

CA Navin Jain

CA Navin Jain (Expert)
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16 July 2011 As per the new provisions, to be covered by presumptive taxation u/s. 44AD, the following conditions
shall be satisfied: -
(a) There shall be “eligible assessee”
(b) There shall be “eligible business”
“Eligible assessee” has been defined to mean: -

- An individual, HUF, Partnership Firm (except Limited Liability Partnership);
and
- Who has not claimed any income based deduction or exemption (section 10A to 10BA orchapter VIA Part C)

“Eligible business” will cover: -
- Any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
- Whose total turnover or gross receipts in the P.Y. does not exceed Rs. 60 lakhs.

if you are case if assessee is An individual, HUF, Partnership Firm (except Limited Liability Partnership);
and then tax audit is applicable