28 July 2014
sir i hv 1 salary income 2 home loan self occupied 3 loss in F&o almost 3 lac and turn over is 40 lac sir is it necessary to audit my accounts if i do not want to carry forward loss.plz reply as earliest.
If your salary is above Rs 2 lakhs, then audit shall be applicable to your case.
This is so because under 44AD, if your total income is above Rs 2 lakhs and you are offering income at less than 8% on eligible business turnover, audit shall be compulsory.
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