25 July 2019
In my case, Assessee having:- 1) Turnover less than 1 crore and 2) Total Income is more than 5 lakh (other than PGBP head) and 3) Loss from business Assessee has also maintained books of accounts and this is the first year of business.
Whether Tax Audit is applicable or not? ( Please refer section )
Every person,— (e) carrying on the business shall, if the provisions of sub-section (4) of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,
get his accounts of such previous year audited by an accountant before the specified date and furnish by that date the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed :
Conclusion :-
Assessee having taxable income only for those assessee whose provision of sub-section (4) of section 44AD are applicable . then what is for other assessee?
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