Salary and business loss AUDIT


This query is : Open 

Quick Summary
If you've started a business and incurred a loss, you likely need to file ITR 3. An audit under Section 44AB(a) of the IT Act is required if your business turnover exceeds specific limits, which is the case for a turnover of ₹2 crore from selling local clothes. If your turnover is below these limits, an audit may not be necessary.

04 January 2022 Dear Sir,
My CTC is 11lac but I have started a flying business last year where in I incurred a loss of around 75k so which ITR do I need to file and will my loss need auditing??

04 January 2022 File ITR 3
No, if turnover is below specified limits..

04 January 2022 What's the limit, please say

04 January 2022 What is your nature of business? What is your turnover?

04 January 2022 selling local cloths and turnover 2 cr

04 January 2022 Audit u/s. 44AB(a) of IT act applicable.

11 July 2022 You need to get books audited


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro



Answer Query



Company
21 August 2026
Finance Manager

Resollect Technologies Pvt Ltd

Mumbai

CA

View Details
Company
18 August 2026
CA Semi Qualifies

Goyanka and Associates

New Delhi

CA Inter

View Details
Company
Featured 12 September 2026
Assistant Manager - Finance & Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
ARTICLESHIP 07 September 2026
Article/ Paid Assistant

Murali and Sumeet Chartered Accountant

Bengaluru

CA Foundation

View Details
Company
ARTICLESHIP 24 August 2026
Article Assistant

M/s.S.G.Salecha & Co.

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 24 August 2026
Chartered Accountant Articles

Rohit KC Jain & Co

New Delhi

CA Inter

View Details
Company
18 August 2026
Audit Assistant - Remote / Work From Home

CA ANOOP P K & ASSOCIATES

Kozhikode

CA Inter

View Details
Company
27 August 2026
ACCOUNTANT

CHARUPREETI & CO

Noida

Graduate (Any)

View Details