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For ay 20-21
in business turnover is 1.5 crore and profit is below 6%.but cash receipt and payment is below 5% not opt for in any precceding 5 year for presumptive scheme. so please tell me audit is required or not.
Replies (5)
Quick Summary
Audit is required.
For AY 21-22 and not for 20-21
Tax Audit is required since profit is less than 6% of turnover in case of digital transactions
If the net profit is above 6% then audit is required
In this case if you are opting 44AD then audit is required otherwise u/s 44AB, Audit is compulsory when TO in PY exceeds Rs 1 crore.
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