Is audit required?

This query is : Resolved 

05 March 2023 Hy, i have turnover of 2lac and make loss of 50k do I need to audit account I don't have any income source. I am student and got scholarship of 1 lac and invested in fno. Or when I need to audit my account suggest me about these please.

05 March 2023 No. Tax audit is not required in your case.
Audit will be applicable when you satisfy any of the conditions specified under sec. 44AB of IT act.

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