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Business Loss
if loss is occured then the audit is compulsory or not?
Replies (6)
Tax audit depends on the Turnover of the entity. If it's more than 1 Crore in case of Business or Rs. 50 lacs in case of profession, you are required to get your books audited even in case of overall loss
Q2 If entity gets audited in PY then he can opt 44AD or Not or T/o 1cr?
yes , he can opt for Presumptive Taxation under section 44AD if his total turnover is less than Rs. 2 Crore in a financial year.
Shreenivas, please be clear about your questions. It is vague.
for a. y. 2017-18, if you have not filed your under presumptive taxation, you can not opt for presumptive taxation for a. y. 2018-19. correct me if I'm wrong
No. You can opt 44AD.
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