TAX AUDIT IF LOSS
This query is : Resolved
12 June 2020
Please provide the details regarding audit under sec 44AB in case of loss
12 June 2020
No tax audit applicable in case of loss.
13 June 2020
Just for academic purpose Sir, if in such case the turnover has crossed the specified limit, what would be the scenario? Kindly guide.
13 June 2020
if Audit is under clause (a), (b) or (c) of section 44AB, then Audit is mandatory regardless of profit/ Loss..
if it is under clause (d) & (e), No Audit if his income does not exceed maximum amount not chargeable to tax
14 June 2020
https://cleartax.in/s/tax-audit-section-44ab
https://taxguru.in/income-tax/tax-audit-section-44ab.html
https://www.incometaxindia.gov.in/Acts/Income-tax%20Act,%201961/2016/102120000000058099.htm
https://taxguru.in/income-tax/tax-audit-section-44ab.html
https://www.incometaxindia.gov.in/Acts/Income-tax%20Act,%201961/2016/102120000000058099.htm
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