Book audit
This query is : Resolved
14 April 2016
Sir I am a money transfer agent and earn commission
What if my turnover exceed 1crore and commission is below 1lakh
Do I have to do any thing regarding income tax or audit
What if my turnover exceed 1crore and commission is below 1lakh
Do I have to do any thing regarding income tax or audit
CA Darshan
(Expert)
07 May 2016
If turnover crosses 1.00 crore then Tax Audit is Mandatory for AY 2016-17. If it is below 1.00 cr then minimum 8% profit needs to disclose (if GTI more than basic exemption limit) otherwise needs to do audit.
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