in case of loss in business of future and option is audit compulsory??
when loss of rupees 4lacs...
and no further income.
if we opt 44AD still compulsory to go for audit????
If turnover below 1 cr, and no other income from any other heads, i.e. net loss return filed; tax audit NOT mandatory,,,
No. U/s. 44AD audit will applicable under sub sec. 44AD(4) & (5).
So, normal assessment with accounts maintained.
CAclubindia
