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Tax audit applicability -

Others 275 views 3 replies
assessee has sales 70lakhs loss in business is 2lakh and he has interest from bank 5.65 lakh
my question is whether Tax audit is applicable
Replies (3)

Yes, provided he had opted out from presumptive assessment in any previous assessment year/s.

Thanks sir
in case if his interest income is 1 lakh

If total income is below BEL, in that case sec, 44AD(4) of IT act  will not be applicable.


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