if a having a loss in previous years,his books are required the tax audit as per income tax act
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160322 Points)
Replied 03 August 2018
In general, ..... NO ... except for non-eligible business u/s. 44AD, and having TO more than 1 Cr.
Anmol Davesar
(Chartered Accountant)
(818 Points)
Replied 03 August 2018
Condition of 44ab tax audit is turnover should exceed 2 crores. if not, then opt for 44ad.. else, give proper balance sheet and profit & loss account in itr 3
CA Dheeraj S
(Practicing CA)
(427 Points)
Replied 04 August 2018
Condition of 44AD tax audit is when the assessee opts out of presumptive taxation scheme and in the mandatory 5 years and his income is more than the maximum amount not chargeable to tax.
S ELAVARASI
(ACCOUNTANT)
(2975 Points)
Replied 04 August 2018
| Originally posted by : Anmol Davesar | ||
 |
Condition of 44ab tax audit is turnover should exceed 2 crores. if not, then opt for 44ad.. else, give proper balance sheet and profit & loss account in itr 3 |  |
As per sec 44AB limit is Rs. 1Cr...
Assessee will be opt sec 44AD (If eligible) then he can upto 2cr without Tax Audit...
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