Dear Sir,
A firm having Business income for 2016 and 2017 is 6,54,346 and 4,56,890 respectively. It's having a loss of rs.48,578 and 56,453 for 2016 and 2017 .
Thanks in Advance.
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Tax Audit Required or Not?
Replies (3)
If Ur business turnover/sales exceeds Rs. 1 crore...then tax audit will be done mandatorily..
If u own any business/profession and covered under section 44AD, 44ADA, 44AE, 44AF, 44BB, 44BBB...and the income arises from these sections mentioned above is lower than the deemed profits...then tax audit will be done.
If u own any business/profession and covered under section 44AD, 44ADA, 44AE, 44AF, 44BB, 44BBB...and the income arises from these sections mentioned above is lower than the deemed profits...then tax audit will be done.
If You are filed u/s 44AA then Tax Audit Required...
If You are filed u/s 44ad thenn no need Tax Audit as per above query
If You are filed u/s 44ad thenn no need Tax Audit as per above query
limit of conducting audit is 1 crore for business according to section 44ab
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