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


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