dear sir
proprietors ka turn over 1 crr hai aur profite 3 % hai to kya use income tax audit karvana compulsory hai ????
yes complusory
5 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14870 Points)
Replied 23 July 2018
Audit is requried as per section 44AB of the income tax act 1961
prasad Nilugal
( GST Practitioner & Accounts )
(14870 Points)
Replied 23 July 2018
Audit limit 2 Cr is for GST audit
CA Naveen Chand
(Chartered Accountant)
(12739 Points)
Replied 23 July 2018
it is under presumptive scheme
1) If total sales, turnover or gross receipts exceeds Rs. 1 Crore in any previous year, in case of business; or
Note: Provided that this section is not applicable to the person, who opts for presumptive taxation Scheme under Section 44AD and his total sales or turnover does not exceed Rs 2 crores.
2) If gross receipts exceeds Rs. 50 Lakhs in any previous year, in case of profession.
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