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Audit in case of loss
Is it compulsory to conduct audit in case of loss in B&P even if 44AD is not applied.
Replies (3)
No it is not compulsory to conduct audit as your income is below taxable limit.
Refer sec 44AD(5)
ID Turn Over less than As per sec 44AB then no need to Audit...
But,
Filing required sec 44AA...
But,
Filing required sec 44AA...
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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