My business loss is 2 lakhs but my turnover is 5 lakhs. I have opted for presumptive basis. regarding this, my profit/loss is below 8%. please give me clarity about applicability of tax audit.
My business loss is 2 lakhs but my turnover is 5 lakhs. I have opted for presumptive basis. regarding this, my profit/loss is below 8%. please give me clarity about applicability of tax audit.
Tax audit will be applicable in such case, provided gross total income exceeds basic exemption limit.
Section 44AD of I T Act, 1961
I think it wont be applicable as partnership firm is in loss, which indicates GTI below basic exemption limit
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