44 ad
Vinay Khatwani (22 Points)
13 August 2018
whether a person claing loss is required to get his accounts audited
RAJA P M
("Do the Right Thing...!!!")
(127921 Points)
Replied 13 August 2018
Thousif Tãïf
(14 Points)
Replied 13 August 2018
RAJA P M
("Do the Right Thing...!!!")
(127921 Points)
Replied 13 August 2018
RAJA P M
("Do the Right Thing...!!!")
(127921 Points)
Replied 13 August 2018
Nikhil Kaushik
(Fellow CA)
(85509 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.
Vinay Khatwani
(22 Points)
Replied 14 August 2018
Nikhil Kaushik
(Fellow CA)
(85509 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.
Nikhil Kaushik
(Fellow CA)
(85509 Points)
Replied 14 August 2018
that I have already answered earlier. Whats the point in repeating the same!
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
