Varma Sri Pakalapati (Articled Assistant) (49 Points)
08 August 2017My business loss is 2 lakhs but my turnover is 5 lakhs. I have opted for presumptive basis. regarding this, my profit/loss is below 8%. please give me clarity about applicability of tax audit.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 08 August 2017
Tax audit will be applicable in such case, provided gross total income exceeds basic exemption limit.
Varma Sri Pakalapati
(Articled Assistant)
(49 Points)
Replied 08 August 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 08 August 2017
Section 44AD of I T Act, 1961
Gaurav Khandelwal
(CA)
(35 Points)
Replied 12 August 2017
I think it wont be applicable as partnership firm is in loss, which indicates GTI below basic exemption limit
CAclubindia
