Hi,
Is Audit compulsory if turnover of a business of an individual is 50 lakhs and there is business loss but total income exceeds exemption limit? Will 44 AD be applicable in this case?
Thanks
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Tax audit applicability
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in my opinion, you can opt for normal provisions of income tax act by declaring loss (no audit required) but for next 5 years you are required to audit your books and you can't opt for 44ad
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