IF AN INDIVIDUAL HAS TURNOVER OF 23,00,000 AND LOSS OF 2,00,000. IS HE REQUIRED TO GET BOOKS OF ACCOUNT AUDITED UNDER INCOME TAX?????
8 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 28 September 2017
In my view.,
No need Tax Audit...
No need Tax Audit...
Karan Arora
(Manager)
(55 Points)
Replied 28 September 2017
Turnover is less than 1 crore . Audit not required
SAURAV DUGAR
(4 Points)
Replied 28 September 2017
if turnover less than one cr then show 8 percent profit or 6 percent of turnover then no need of audit
CA RAHUL GARG
(PRACTICING PROFESSIONAL)
(25 Points)
Replied 28 September 2017
Audit not required because his taxable income not exceed maximum amount not chargeable to income tax even though he is showing less than 8% #refer section 44ad#
nibinajay
(nothing)
(124 Points)
Replied 28 September 2017
If you are filing in 44AD profit for 23,00,000 is only 1,84,000 below the exemption limit of individual..
but if you maintain books then you have an option to choose audit and if you are choosing tax audit then you can file by showing loss and you can carryforward that loss and next year you can also claim that loss
but if you maintain books then you have an option to choose audit and if you are choosing tax audit then you can file by showing loss and you can carryforward that loss and next year you can also claim that loss
tirth
(CA)
(72 Points)
Replied 29 September 2017
If audit is not required how can an individual claim that loss in subsequent year
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