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For ay 20-21

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91 Points Posted on 18 December 2021
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.
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On 18 December 2021 at 16:39 Report
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Profession Business
28207 Points Posted on 18 December 2021
Audit is required.
44 Reply
On 18 December 2021 at 17:31
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91 Points Posted on 18 December 2021
For AY 21-22 and not for 20-21
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On 18 December 2021 at 17:35
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Company Secretary
7085 Points Posted on 18 December 2021
Tax Audit is required since profit is less than 6% of turnover in case of digital transactions
10 Reply
On 18 December 2021 at 18:15
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91 Points Posted on 18 December 2021
If the net profit is above 6% then audit is required
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On 18 December 2021 at 18:46
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CA
10436 Points Posted on 18 December 2021
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.
40 Reply
On 18 December 2021 at 21:34


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