my query is if turnover of business is 12.5 lac and loss is 50k then is it compulsory to go for tax audit if not opting the provision of 44AD and showing loss normally maintaining all books of Accounts
As a plain Reading of 44AB is says audit is applicable only to those who fall under sub sec 4 of 44AD and these are those person who earlier opted the 44AD and the showing Normal business income in any of 5 succeeding AY
Normally tax audit from this FY has been increased to
10 crores rupees in a financial year and for 44AD if turnover excess 2 crores rupees and profit is less than 8% of turnover then tax audit is applicable.
In your case as your Turnover is less than
10 crores rupees and not opting 44AD so tax audit is not applicable
CAclubindia
