09 August 2008
It is not the profit or loss which matters but it is the limit of Sale, Turnover or Gross Receipt which is the only criterion in taking the decesion to get a Tax Audit Report or not. As per sec 44AB a person whose Sale, Turnover or Gross Receipt from a Business is 40lacs or more(For Profession 10Lac), is liable for Tax Audit.
CAclubindia
