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.
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.
CAclubindia
