is tax audit compulsory for AY 19-20 for private limited company if audited in AY 18-19.
Company is in Loss this year
???
Only if the Companies Turnover/Gross Receipts Exceeds Rs. 1 Crore.
4 Replies
om akhani
(88 Points)
Replied 26 October 2019
Yes. Bcoz company is claiming Loss .So you are not opting Presumptive option , Tax audit will be compulsory
Kapadia Pravin
(17259 Points)
Replied 27 October 2019
Presumptive Taxation option is not at all available to private Limited Company so that question does not arise.
Tax audit is determined not on the basis of profit or loss but on turnover cut off limits. If it exceeds 1 crore then tax audit is must.
If last year you carried out Tax audit , that does not mean you have to do do in current year.
Every year is seperate and every year you have decide based on turnover.
Tax audit is determined not on the basis of profit or loss but on turnover cut off limits. If it exceeds 1 crore then tax audit is must.
If last year you carried out Tax audit , that does not mean you have to do do in current year.
Every year is seperate and every year you have decide based on turnover.
Rijo John
(audit manager)
(447 Points)
Replied 28 October 2019
If your turnover above 1 crore you are liable for tax Audit
44Ad not applicable for companies
44Ad not applicable for companies
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