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?
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Tax audit applicability & 44AD
Replies (3)
Quick Summary
Loss should be audited irrespective of the turnover.So tax audit is applicable for year 3
Tax audit apply only if turnover more that 1cr.
No it's not like that .
One is turnover limit
Business Loss ( mandatory audit)
% of profit ( less than specified , Mandatory tax audit)
voluntary audit
These four are the criteria for tax audit
One is turnover limit
Business Loss ( mandatory audit)
% of profit ( less than specified , Mandatory tax audit)
voluntary audit
These four are the criteria for tax audit
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