Is Tax Audit compulsory in case of losses? Easy guide for F.Y. 2021-22 and onwards.
Lot of professionals and businesses face challenge to determine whether tax audit is applicable in relevant period or not. More specifically if business has incurred loss, then will tax audit will be compulsory for such business?
This article will address all the questions along with few case studies for ease of understanding. This article will also address questions like on whom tax audit is applicable, when it is applicable, how & when tax audit reports should be furnished, penalties for non filing or delay in furnishing of tax audit reports.