Audit Rules For Income in Share Market

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Dear All,

I have a partnership firm and I do trading through that firm and its a 2 years old firm.

Last year I had incurred a loss in the firm and have submitted the return accordingly.

This year I am in profit as per my P/L report but if I put my expense(All are done online) my income or profit is negative.
My turnover is 4 cr. so if I file my return showing loss do I need to do audit of my file.
Please help...

Replies (2)

If Cash receipt and payment are up to 5%, then there is no need to get your accounts audited up to Rs. 10 Crore of turnover. 

Otherwise, a tax audit is applicable if total sales, turnover or gross receipt from the business during the previous year exceeds Rs. 1 crore

Audit is compulsory if turnover exceed Rs.1,00,00,000/-. If you do not want to gets your accounts audited then you have to declare 6% of turnover as your income compulsorily u/s 44AD.

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