An assessee has below income in the PY 2017-18
Income from Salary- 14 Lacs
Income from Retail Business - 2 Lacs
Loss from derivative - 15 Lacs
Income from Other source- 1 Lakh
Is tax audit applicable?
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Applicability of tax audit
Replies (5)
not applicable
as per your information tax audit not required. but if your retail business turnover cross 2 crore. then tax audit applicable.
Pls discuss with reference to section 44AD which mentions applicability of Tax audit u/s 44AB r/w section 44AD if the net profit(loss in this case) is less than 8% of the turnover from transactions.
1. If net profit less then 8% or 6%(100% banking channels) of the turnover.
2. turnover above 2 crore.
In two condition are applicable for tax audit.
2. turnover above 2 crore.
In two condition are applicable for tax audit.
Can someone reply to the query
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