Applicability of tax audit

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Dear Experts, 

                      my business is in loss and turnover is 5 lakhs. Based on this, my profit/loss is below 8% of Turn over. whether tax audit is applicable??     And my doubt is about, whether 8% of turnover is taken only for 44AD, in this regards please give me a source for getting clear cut effect.

Replies (3)
what is you income including all income head and offsetting the loss if applicable? if it is above 2.5L and you do not want to use 44AD then under 44AB(e) audit is applicable.

Thanks for sharing your wisdom sir!!

 

since, it's business not profession and turnover is below 1cr you. tax audit is not applicable

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