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Tax audit

This query is : Resolved 

An assessee has turnover less than 1 crore and has loss. Under which section audit is carried out? 44ad or 44ab? Pls guide


Audit is not required.If it is a business ,no need of audit either sec 44 AD or sec SEC44 AB

if you are showing profit less then u/s 44ad then tax audit is compulsary under section44ab

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

yes....................................


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