Tax audit
This query is : Resolved
Nanu Gupta
(Querist)
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
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
(Expert)
13 September 2019
if you are showing profit less then u/s 44ad then tax audit is compulsary under section44ab
Karim N Shaikh
(Expert)
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
(Expert)
13 September 2019
yes....................................
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