18 October 2020
If Tax Audit is required in following case :- Sales Turnover in FY 2019-20 : Rs 1.45 cr Whether Net profit is >= 8% (or 6%) : No Whether Cash Receipts or payments greater than 5% each : No Whether profit declared as per presumptive taxation scheme in any of the five preceding years : No Whether opted for presumptive taxation u/s 44AD : No Whether Tax Audit applicable? If yes, under which section? Please confirm that Net profit percentage below 8%/6%, or even loss would not force a Tax audit in this case! Thanks.
CAclubindia
