Dear All,

My query is as follows:
Mr A purchased a bungalow at one of tourist places in November 2020. From December 2020 onwards, He started his business of giving this bungalow on rent to tourists. Before that he incurred some revenue expenditure like repairs & maintenance, painting, changing toiletries etc on this property. For the year ended 31/03/2021, he has incurred business loss.

I have some confusion:
1) As he has incurred loss in his business, is tax audit applicable? or only revenue, 5% cash payment-receipt criteria is considered for applicability of tax audit?
2) Is section 44AD is applicable as he has loss during FY 2020-21? whether he has to show minimum 8% profit?
3) If Section 44AD & 44AB are not applicable then he can carry forward his loss.... right?

I hope I have clearly plotted my confusion. Kindly guide me.

Thanks & Regards,
Suraj

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