Tax Audit

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97 Points Joined July 2017
An assessee have a turnover of Rs. 37,00,000/- and his business loss for the P.Y. is Rs. 3,00,000/-. I have question whether he required to get his account audited u/s 44AB ? He is also not declaring income u/s 44AD.
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On 14 August 2017 at 22:09 Report
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Pratice
192 Points Joined August 2016
No, He is not required to get his account audited but he has to mantain his book of account.
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On 14 August 2017 at 22:55
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Tax Consultant
1029 Points Joined March 2012
As he is declaring a loss, he needs to get his accounts audited.
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On 14 August 2017 at 23:06
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Pratice
192 Points Joined August 2016
@ SureshPaiS In Which section it has been written that tax audit is mandatry if assessee is claiming loss ?
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On 15 August 2017 at 01:33
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97 Points Joined July 2017
Section 44AB and 44AD does not say that if You are declaring Income lower than 8%, you are required get account audited. @ suresh pai s
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On 15 August 2017 at 08:13
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Proprietor
4869 Points Joined January 2010
In case of loss tax audit not required. It is required only if yout income is more than basic exemption limit .
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On 15 August 2017 at 08:39
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97 Points Joined July 2017
@ Ramesh D Modi, under which section ??
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On 15 August 2017 at 09:06
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Pratice
192 Points Joined August 2016
In Case of business tax audit is only required when your turnover exceed 1 crore.
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On 15 August 2017 at 10:24
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
(In Case of business tax audit is only required when your turnover exceed 1 crore.)
We know the limit of Audit requirement...
What is above said query related answer. It audit required or not...?
If yes, Explain here!
If No, Explain here!....
I'm waiting for the exact reply and solving query....!!!
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On 15 August 2017 at 10:35
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Proprietor
4869 Points Joined January 2010
section 44AB sub clause e
also read section 44Ad
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On 15 August 2017 at 11:22
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97 Points Joined July 2017
But assessee had not declared his income u/s 44AD.
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On 15 August 2017 at 11:37
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Tax Consultant
1029 Points Joined March 2012
Yes. In this case 44AB doesn't apply because even though 44AD apply, income doesn't exceed the basic exemption limit.
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On 15 August 2017 at 11:40
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Proprietor
4869 Points Joined January 2010
please read clause e of section 44AB
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On 15 August 2017 at 11:42
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Proprietor
4869 Points Joined January 2010
please read clause e of section 44AB
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On 15 August 2017 at 11:43
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Pratice
192 Points Joined August 2016
No, audit is not required.
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On 15 August 2017 at 21:44


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