Audit in case of loss
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 August 2015
Hello sirs,
My question is
One Individual having business,
In case of Business Loss of around Rs. 70,000/-
and having interest income of Rs. 60,000/- and other income.
Turnover around Rs. 300,000/-
In this condition Audit is compulsory?
My question is
One Individual having business,
In case of Business Loss of around Rs. 70,000/-
and having interest income of Rs. 60,000/- and other income.
Turnover around Rs. 300,000/-
In this condition Audit is compulsory?
06 August 2015
Audit is not compulsory since his/her total income < the threshold. See section 44AD(5).
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