Tax Audit
This query is : Resolved
04 January 2021
Ours is Cinema Theatre having turnover less than Rs.5 cr
However cash is collected towards sale of tickets and canteen which is deposited next day in the bank
Such cash sales are more than 5% of total turnover
My question is whether tax audit is compulsory because all cash receipts are deposited in bank
However cash is collected towards sale of tickets and canteen which is deposited next day in the bank
Such cash sales are more than 5% of total turnover
My question is whether tax audit is compulsory because all cash receipts are deposited in bank
04 January 2021
Yes, tax audit applicable if turnover exceed one crore.
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