Regarding Applicability of Tax Audit

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This query is : Resolved

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This discussion clarifies tax audit applicability for individuals with business income between £1 crore and £2 crore. If profits fall below 8% (or 6% for specific professions), a tax audit is indeed applicable, regardless of the profit margin. The query also touches upon whether Section 44AD(4) is relevant in such scenarios.

sunil c

sunil c (Querist)
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12 August 2021 Sir,
If the Total Turnover or Gross Receipts of an Individual having business income more than 1 Crores and Less than or equal to 2 Crores but the Profit are lower than 8% or 6%. Is Tax Audit applicable or not?

CA Puja Sharma

CA Puja Sharma (Expert)
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12 August 2021 Yes, Tax audit will be applicable.