Tax audit applicability for loss


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Quick Summary
An HUF with a turnover of approximately £30 Lakhs and a net loss of around £2 Lakhs for FY 23-24 will likely not require a tax audit. This is generally the case if the filing adheres to the provisions of Section 44AA of the Income Tax Act, which outlines specific conditions for mandatory audits.

09 December 2023 Dear Experts,

In case of HUF , turnover = 30L approx and net loss around 2L. Will tax audit be applicable for FY 23-24?

Regards,

09 December 2023 Tax audit not applicable in such a case.

10 December 2023 Tax audit not applicable if the file as per sec 44AA of IT act.


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