22 March 2024
you should be able to. But ensure that there is no commission/brokerage income in it.
The tax audit limit is as under:
If you are covered under 44AD but the profit is below 8% and the total income is above exempted limit, then audit will apply.
For other cases, it will be as under:
If the cash receipts/expenses are below 5% of the gross receipts/payments, then audit will apply if the turnover is in excess of RS 10 cr. Otherwise, audit will apply for turnover > 1 cr.
23 March 2024
Sir I also receive the commission and aproximate total gross income will be below 50 lac and the net profit will be 10.0 lac in that case which itr form applicable and tax audit requirement. thanks
CAclubindia
