Audit in case of loss

Dhruv Jain (Practicioner) (202 Points)

20 August 2018

Is it compulsory to conduct audit in case of loss in B&P even if 44AD is not applied.

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3 Replies

Ankita Chachan (practitioner) (548 Points)
Replied 20 August 2018

No it is not compulsory to conduct audit as your income is below taxable limit.

Refer sec 44AD(5)

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 20 August 2018

ID Turn Over less than As per sec 44AB then no need to Audit...
But,
Filing required sec 44AA...

CA Bhavik Soni (867 Points)
Replied 21 August 2018

the wordings use in sec 44AB(e) ....profit less than 8%... means income not exceeds taxable income then not liable for audit

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