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Abdul AseesAbdul Asees asked 1 year ago

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?

1 Answers
RaviRavi Staff answered 12 months ago

Year 1 — Presumptive Basis Taxation (Next 5 year follow Presumptive Basis if available)
Year 2 — Presumptive Basis not Available (TO Exceeding 2 crores) — Assessee is not under default.
Year 3 — Presumptive Basis Available, if it is not availed then presumptive basis wont be available for next 5 years, as there is loss and if taxable income is below exemption limit then no need to get audit done

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