If your proprietorship firm's annual turnover is under 10 crore and cash transactions are less than 5%, a tax audit under section 44AB of the Income Tax Act is not mandatory. This means you likely don't need to hire a Chartered Accountant (CA) and can proceed with filing your own income tax returns using the normal ITR form.
12 June 2024
My proprietorship firm doesn't exceed 10 cr annual turnover and my cash transactions are under 5%. Do I need to hire a CA or can I file my own income tax returns?