Hello people,
Could u tell will tax audit apply in those circumstances:
1 Business loss incurred and sec.44 AD not opted total income exceeds rs 2.5 lakh.
2 Business loss incurred and sec.44 AD not opted total income not exceeds rs 2.5 lakh.
please share sec no. or rule to support your reply.
thanks
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Tax audit application (plz reply)
Replies (2)
Do you mean to say that in both the cases, the sec. 44AD was not opted in any of preceding 5 years?
What are turnovers in each?
Turnover?
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