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mansi r sharma (student) 15 August 2019
Income tax law states that For applicability of sec 44 AB 1) Assessee must have turnover above Rs 1 crore. 2) Assessee having turnover of less than Rs 1 crore and declares profit less than 8% of turnover + Total income exceeds maximum amount not chargeable to tax = Do Audit . But if Assessee is having Business loss + Total income doesn't exceeds Maximum amount not chargeable to tax = No Audit is required. BUSINESS LOSS + Total income below BEL = No Audit is required .