Year 1 turnover is 1.5 cr & opted for 44AD(ie. Net profit 10%). In year 2, turnover is 5cr and was in loss. Hence 44AB applicable. In year 3, turnover is 50lakhs and was in loss. Whether tax audit applicable in year 3?
Year 1 turnover is 1.5 cr & opted for 44AD(ie. Net profit 10%). In year 2, turnover is 5cr and was in loss. Hence 44AB applicable. In year 3, turnover is 50lakhs and was in loss. Whether tax audit applicable in year 3?
Tax audit apply only if turnover more that 1cr.
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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