Barren Doe 25 July 2020
Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108) 26 July 2020
1. YES. You need to declare "ALL" Profit and Loss in your Income Tax returns, to avoid future scrutiny and any concealment prosecutions.
Keep Smiling .... Hemant Agarwal
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G.L.N. Prasad (Retired employee.) 26 July 2020
It is always better to consult/engage a professional CA for such guidance, as accounting losses and submitting such statement helps in many counts like depreciation, financial analysis of the specific reason for the loss and for availing finance.
Barren Doe 26 July 2020
Dr J C Vashista (Advocate) 26 July 2020
Seek professional services of a chartered accountant, this platform is for social service by lawyers.
The Techies (Student) 11 December 2020
| Originally posted by : Barren Doe | ||
 |
Thanks, but is the audit mandatory in case I don't want to offset or carry forward the loss incurred and my turnover is less than 1 cr. |  |
No, audit is not necessary if you don't want to carry forward your losses and turnover is less than 1 cr!
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