23 December 2021
I HAVE A PROPRIETORSHIP BUSINESS .. APR 20 - MARCH 21 THE TURNOVER WAS LESS THAN RS 2L BUT THE EXPENSES WERE HIGER THEREBY INCURRING LOSSES .. DO I NEED TO AUDIT MY ACCOUNTS AS I WANT TO SHOW LOSSES TO BE CARRIED FORWARD FOR NEXT YEAR .. KINDLY GUIDE ..
24 December 2021
If you have declared the income under sec. 44AD in preceding five years continuously, you need not audit the account in the PY and declare loss under ITR. Though there is little chance of objection from department.
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