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Tax audit
Private Company having turnover less than 50
lakhs and having trading business. And books of
accounts having loss. Is tax audit needed? And if
so then under which section of 44AB/44AD?
Replies (2)
As per Sec 44AD, if assesee claims profit lesser than 8% of turnover, then he is liable to 44AB audit if and only if his income exceeds basic exemption limit. So in case of loss, 44AB audit cannot be done.
But 44AD is not applicable on companies..It is only applicable for Individual HUF and Firm (not LLP)
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