Tax audit applicability -

01 January 2022

assessee has sales 70lakhs loss in business is 2lakh and he has interest from bank 5.65 lakh
my question is whether Tax audit is applicable

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3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178317 Points)
Replied 01 January 2022

Yes, provided he had opted out from presumptive assessment in any previous assessment year/s.

ROHIT KALE (38 Points)
Replied 03 January 2022

Thanks sir
in case if his interest income is 1 lakh

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178317 Points)
Replied 03 January 2022

If total income is below BEL, in that case sec, 44AD(4) of IT act will not be applicable.

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