Is there any benefit of audit

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This discussion clarifies whether undergoing a business audit offers tax advantages. It explains that for turnovers up to £10 lakh, tax is typically nil regardless of whether an audit is conducted. An audit is generally only mandatory for turnovers exceeding £1 crore, and for incomes of £10 lakh, the tax payable remains the same whether an audit is performed or not.

suryadipsinh mori

suryadipsinh mori (Querist)
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14 September 2022 If i fill business normal return upto 5 lac then no tax levied. but what if my turnover is 10 lac and choose to do audit so my tax payable is nil now ? is this benefit of audit ? because if i doesn't do audit then much more tax i have to pay because turnover is 10 lacs.
I am a fresher and do not have much idea about auditing.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 September 2022 For 10 lacs turnover audit not applicable file ITR without audit no tax payable.
Audit required only in case of turnover more than 1 crore.

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suryadipsinh mori

suryadipsinh mori (Querist)
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15 September 2022 But sir if my income is 10lac and fill itr 3 accordingly then same tax payable in non audit and audit case also

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 September 2022 Yes, same tax payable in both the cases.

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suryadipsinh mori

suryadipsinh mori (Querist)
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15 September 2022 Ok sir thank you so much

suryadipsinh mori