Income from other sources query

1. TV being personal effect, the insurance claim not taxable.

2. Here there are divergent views after recent amendment.

If the business income was filed u/s. 44AD in any previous year......... Tax audit u/s. 44AB is mandatory.

But otherwise if your turnover is below 1 Cr. and filing under normal assessment with P&L acc and BS....... audit u/s 44AB not mandatory.......

But I heard if turnover is less than 1 cr and profit less than 8% then audited itr is mandatory. In my case there is no profit but loss. Please advise.

That was true till  AY 2016-17, but after amendment as per finance act 2016...... effective from AY 2017-18, the condition is applicable only if you opted out from sec. 44AD but had opted it in earlier year.

Second condition is If your aggregate income doesn't exceed BEL, no need for tax audit.