Tax audit

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Nanu Gupta (Querist)
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12 September 2019 An assessee has turnover less than 1 crore and has loss. Under which section audit is carried out? 44ad or 44ab? Pls guide

CMA SIVAKUMAR A,ACMA.

CMA SIVAKUMAR A,ACMA. (Expert)
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12 September 2019 Audit is not required.If it is a business ,no need of audit either sec 44 AD or sec SEC44 AB

Gokul Sharma

Gokul Sharma (Expert)
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13 September 2019 if you are showing profit less then u/s 44ad then tax audit is compulsary under section44ab

Karim N Shaikh

Karim N Shaikh (Expert)
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13 September 2019 If profit is less then 8% or loss then it is compulsory to go for audit under section 44AB and maintain books of account even if turnover is less then threshold limit i.e 2. crore

Gokul Sharma

Gokul Sharma (Expert)
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13 September 2019 yes....................................

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