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Tax audit For Pvt ltd

JITENDRA SINGHVI (SELF EMPLYOED) (211 Points)

25 October 2019

is tax audit compulsory for AY 19-20 for private limited company if audited in AY 18-19.

Company is in Loss this year

???

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4 Replies

CA Ankit R Momaya (Partner at Bhat Momaya & Associates) (2319 Points)
Replied 25 October 2019

Only if the Companies Turnover/Gross Receipts Exceeds Rs. 1 Crore.

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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.