if a having a loss in previous years,his books are required the tax audit as per income tax act
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Tax audit?
Replies (5)
In general, ..... NO ... except for non-eligible business u/s. 44AD, and having TO more than 1 Cr.
loss on account of which turnover. ???
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
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.
| Originally posted by : Anmol Davesar | ||
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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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