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loss making tax return required audit

Others 259 views 3 replies
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?
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
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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