Please Help: Audit
Posted Date : 11-Jul-2011 , 06:08:49 pm | Posted By Dilbagh Singh
As per amendments in Sec 44AD, now an individual, partnership firms and HUF having gross receipts LESS THAN Rs.60 Lakhs and showing profit less than 8% of the gross receipts are required to maintain books of accounts and get them audited.
My question is that whether all concerns showing loss are required to get their accounts audited or not?
My question is that whether all concerns showing loss are required to get their accounts audited or not?
Category : Audit | Answers : 2 | Comments : 1 | Hits : 1000
Answers
Answer By: CA. MANISH MALHOTRA
Section 44AD of Income Tax Act, 1961 for computing income under head PGBP on presumptive basis, this section can apply to eligible business only i.e- business whose total turnover or gross receipt in the previous year does not exceed 60 lakhs.
If assesse uses this section no need to get account audited whether there is loss or profit.
If assesse uses this section no need to get account audited whether there is loss or profit.
Answer By: CA VIKAS JAIN
yes in case of loss you hav to get accounts to be audited, otherwise 8% of sale will be considered as your income
Comments
CA VIPIN GARG
12-Jul-2011 , 09:13:17 amDear Dilbagh, I think you have not read the above conditions carefully, the above two conditions are seperate and please don't merge the above two conditions. In response of your query, the answer is NO i.e. you are not required to audit your account in every case of return where you show loss..... Hope you will find your answer my dear and have a nice day........