Year 1 turnover is 1.5 cr & opted for 44AD(ie. Net profit 10%). In year 2, turnover is 5cr and was in loss. Hence 44AB applicable. In year 3, turnover is 50lakhs and was in loss. Whether tax audit applicable in year 3?
Abdul Azeez K (3 Points)
03 February 2022Year 1 turnover is 1.5 cr & opted for 44AD(ie. Net profit 10%). In year 2, turnover is 5cr and was in loss. Hence 44AB applicable. In year 3, turnover is 50lakhs and was in loss. Whether tax audit applicable in year 3?
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 03 February 2022
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 03 February 2022
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