I am salaried person having sole trading business since last two years, which is making 200% loss in 2nd year,
I want to know, is it required to file audited income tax return for current assessment year or can file normal tax return?
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loss making tax return required audit
Replies (3)
File ITR3 for salary and business income
Audit is required only turnover exceeds 1 crore
You can declare loss but to qualify for carry forward of loss you must file return by end of tomorrow 31St
Audit is required only turnover exceeds 1 crore
You can declare loss but to qualify for carry forward of loss you must file return by end of tomorrow 31St
Tax Audit u/s 44AB of the Income Tax Act 1961 is required only when your Turnover exceeds Rs. 1 crore.
thanks for your replies
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