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44AD audit
if the turnover of the individual is more than 1 crore but less than 2 crore and there is a net loss..... then is it required to get his books of accounts audited by CA?
Replies (3)
Yeah, Definitely.
As per sec 44AB Turn Over Exceeding One Crore then Tax Audit applicable...
May be Asseessee (if eligible assessee and Eligible business) will be opt under sec 44AD and will show the profit 8percentage then he can avail the benefit upto 2cr...
So, As per above query Turn Over exceeding 1cr and it's net loss also he is not opt sec 44AD then Tax Audit applicable...
As per sec 44AB Turn Over Exceeding One Crore then Tax Audit applicable...
May be Asseessee (if eligible assessee and Eligible business) will be opt under sec 44AD and will show the profit 8percentage then he can avail the benefit upto 2cr...
So, As per above query Turn Over exceeding 1cr and it's net loss also he is not opt sec 44AD then Tax Audit applicable...
Yes... Tax Audit applicable if Turn Over exceeding above 1cr and Loss.
I concur Mr. Raja's view
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