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Tax audit is mandatory

Deepak Mittal (Partner) (43 Points)

22 July 2016

Individual is a retired doctor from govt. starting practice f.y 2015-16 showing gross receipts 40200
during the year and showing loss 120467 after incurred expenses. he have other income
pension rs. 600000
interest on FD 455678
please advise

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5 Replies

CA Mehul Chudasama (Chartered Accountant) (618 Points)
Replied 22 July 2016

No Incase of Loss You are not required to make audit U/s 44AB

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karthik.m.n (student) (191 Points)
Replied 22 July 2016

Yeah limits not reached and loss incurred so no tax audit..

Mukesh Kumar (Accounts Manager) (1466 Points)
Replied 22 July 2016

AGREE WITH ABOVE REPLIES

YOU ARE NOT LIABILE TO AUDIT 44AB DUE TO YOU INCOME IS LESS THEN LIMIT OF AUDIT ALTHOUGHT YOU DECLARE LOSS IN YOUR ITR

THANKS

mohammad rasool baig (Management Consultant) (1026 Points)
Replied 23 July 2016

In addition, section 44AB of the Income-tax Act, 1961 mandates a person to get his books of accounts audited if he is carrying on a business and his total turnover exceeds one crore rupees. However, in the case of a professional, he is required to get his books of accounts audited if his total receipts exceed twenty five lakh rupees. Further, a person who claims his income to be lower than the amount determined under the various provisions relating to presumptive income is also required to get his books of accounts audited.