Tax audit in case of loss
This query is : Resolved
ashok bhurani
(Querist)
03 August 2017
I need a confirmation on the following:
In case of loss (i.e. profit being less than 8%), whether tax audit is required if total income is less than the maximum amount chargeable to tax? I am using spectrum software for preparing tax returns which shows the message in cases where the profit is less than 8% (or where there is loss) and total income is well below the exemption limit. Please help on this
In case of loss (i.e. profit being less than 8%), whether tax audit is required if total income is less than the maximum amount chargeable to tax? I am using spectrum software for preparing tax returns which shows the message in cases where the profit is less than 8% (or where there is loss) and total income is well below the exemption limit. Please help on this
Nikhil Kaushik
(Expert)
03 August 2017
no. audit is not required in such a case.
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