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??