is it compulsory to tax audit if there is FNO loss in financial year 2018-19 ?
pls reply.
Yes, if total income exceed basic exemption limit.
2 Replies
siddhesh
(si)
(198 Points)
Replied 23 July 2019
Dear Sir,
Income tax Audit is depend upon Turnover . If Turnover is exceed RS 1CR then Audit is applicable whether it should be profit or loss.
here Turnover includes both Buying and Seeling Cost of the lot.
So According that If turnover exceed Then Audit is Must.
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