Re : IT Returns

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A private limited company with a turnover of 10 Lakhs and a loss of 5 Lakhs for the financial year 2019-20 is seeking clarification on whether a tax audit is required. The general consensus is that a tax audit is not necessary in this scenario, even with the reported loss, as the turnover has not exceeded the prescribed threshold limit for mandatory audits.

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(Querist)
16 March 2021 Dear Expert,

A Private limited company with the turnover of 10 Lakhs.. needs to file the IT return for the year 2019-20 with the loss of 5 Lakhs..
Does the tax audit required in this case though the turnover was not crossed the threshold limit..

Thanks in advance !!
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
16 March 2021 Tax audit not required.
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Spurto Consultancy Services

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Spurto Consultancy Services (Expert)
16 March 2021 No tax audit is not required.
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praveen

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praveen (Querist)
16 March 2021 Is tax audit not required Even if the company reporting a loss..
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
16 March 2021 Yes.........................................................
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