Hello all my fraternity colleagues !
I had a query that whether companies having net loss from business are required their accounts audited under section 44AB of Income Tax Act for A.Y. 2018-19? whether tax audit is mandatory for companies in loss for A.Y. 18-19?
I agree with the expert's view.
The tax audit u/s 44AB clearly states that it has to be determined on the basis of turnover. So whether an entity make profit or loss is irrrelevant.
Mitesh
CA Accounitng Firm
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