Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

44 ad

Vinay Khatwani (22 Points)

13 August 2018

whether a person claing loss is required to get his accounts audited

Reply
Follow
Share

13 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 13 August 2018

No need to Audit his accounts...

Upgrade to CAclubindia Pro. Subscribe Now!

Thousif Tãïf (14 Points)
Replied 13 August 2018

Dear friend, as per definition of person, person includes legal person as well as individual person.. If person is individual no need get his book audited upto turnover of 2 crores.... If person is legal entity for example Pvt Ltd company then statutory audit is mandatory, tax audit if turnover exceeds 2crores, (it differs based on type of person)

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 13 August 2018

Yeah... May be or not... as per the law Yes...

But,
As better to understand the meaning of Person in here it's to Individual...

*** Small definition for meaning of person under Income Tax act...

https://www.learningthelaw.in/2016/09/definition-of-person-under-income-tax.H T M L?m=1

Thousif Tãïf (14 Points)
Replied 13 August 2018

It makes huge difference dear friend

Thousif Tãïf (14 Points)
Replied 13 August 2018

It makes huge difference dear friend

Upgrade to CAclubindia Pro. Subscribe Now!

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 13 August 2018

I know or Not...

Better way to Query...

Nikhil Kaushik (Fellow CA) (85758 Points)
Replied 14 August 2018

Originally posted by : Thousif Tãïf
	Dear friend, as per definition of person, person includes legal person as well as individual person.. If person is individual no need get his book audited upto turnover of 2 crores.... If person is legal entity for example Pvt Ltd company then statutory audit is mandatory, tax audit if turnover exceeds 2crores, (it differs based on type of person)

For private limited companies, the audit is applicable once the turnover exceed Rs 1 cr. Please read 44AB properly.

1 Like

Thousif Tãïf (14 Points)
Replied 14 August 2018

Tq nikhil kaushik

Nikhil Kaushik (Fellow CA) (85758 Points)
Replied 14 August 2018

you are most welcome...

Vinay Khatwani (22 Points)
Replied 14 August 2018

from where 2 crore limit is given because in 44 ab limit provided is 1 crore

Upgrade to CAclubindia Pro. Subscribe Now!

Nikhil Kaushik (Fellow CA) (85758 Points)
Replied 14 August 2018

if you are covered under 44AD, and you offer your income under the provisions for presumptive taxation therein, you can avoid the audit for turnover upto 2 cr. But once you are out of 44AD, the audit limit is 1 cr only.