Salary and business loss AUDIT

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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.

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(Querist)
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??
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
04 January 2022 File ITR 3
No, if turnover is below specified limits..
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Swastik Upadhyay

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Swastik Upadhyay (Querist)
04 January 2022 What's the limit, please say
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
04 January 2022 What is your nature of business? What is your turnover?
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Swastik Upadhyay

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Swastik Upadhyay (Querist)
04 January 2022 selling local cloths and turnover 2 cr
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
04 January 2022 Audit u/s. 44AB(a) of IT act applicable.
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
11 July 2022 You need to get books audited
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