Hello members,
Can you please guide what is the minimum turnover beyond which we need to have audit from CA.... Both under IT and GET.
Hello members,
Can you please guide what is the minimum turnover beyond which we need to have audit from CA.... Both under IT and GET.
Under GST every tax payer whose turnover exceeds Rs 2 crore during a financial year, is required to submit audited annual accounts and a reconciliation statement in GSTR-9C.
While under IT act following categories of taxpayers are required to get tax audit done:
|
Category of person |
Threshold |
| Carrying on business (not opting for presumptive taxation scheme*) | Total sales, turnover or gross receipts exceed Rs 1 crore |
| Carrying on business (opting presumptive taxation scheme under section 44AD
) |
Declares taxable income below the limits prescribed under the presumptive tax scheme and has income exceeding the basic threshold limit |
| Carrying on profession | Gross receipts exceed Rs 50 lakhs |
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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