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Audit in case of loss

ITR 169 views 3 replies
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Practicioner
208 Points Joined August 2014
Is it compulsory to conduct audit in case of loss in B&P even if 44AD is not applied.
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On 20 August 2018 at 13:03 Report
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practitioner
553 Points Joined February 2012

No it is not compulsory to conduct audit as your income is below taxable limit.

Refer sec 44AD(5)

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On 20 August 2018 at 13:10
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
ID Turn Over less than As per sec 44AB then no need to Audit...
But,
Filing required sec 44AA...
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On 20 August 2018 at 14:00
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867 Points Joined December 2015
the wordings use in sec 44AB(e) ....profit less than 8%... means income not exceeds taxable income then not liable for audit
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On 21 August 2018 at 10:09

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