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.
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Audit requirement
Replies (1)
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 |
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