Audit u/s 44AB and set off of losses

Lila (Job) (489 Points)

16 June 2021  

Last year I had FnO Loss and to carry forward the same, I got my accounts audited. This year I have a FnO profit and a turnover below 5Cr. I have 2 queries here:

1. Can I set off my last year's loss without getting my accounts audited (as turnover this year is below 5 Cr and a profit)

2. Can I take advantage of section 44AD and declare 6% / 8% of the profit and then adjust the normal loss declared last year.

Pls reply