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Tax audit

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(Querist)
12 September 2019 An assessee has turnover less than 1 crore and has loss. Under which section audit is carried out? 44ad or 44ab? Pls guide
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CMA SIVAKUMAR A,ACMA.

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CMA SIVAKUMAR A,ACMA. (Expert)
12 September 2019 Audit is not required.If it is a business ,no need of audit either sec 44 AD or sec SEC44 AB
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Gokul Sharma

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Gokul Sharma (Expert)
13 September 2019 if you are showing profit less then u/s 44ad then tax audit is compulsary under section44ab
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Karim N Shaikh

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Karim N Shaikh (Expert)
13 September 2019 If profit is less then 8% or loss then it is compulsory to go for audit under section 44AB and maintain books of account even if turnover is less then threshold limit i.e 2. crore
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Gokul Sharma

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Gokul Sharma (Expert)
13 September 2019 yes....................................

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