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Incomr Tax
GST 15845230.00 Does the seller need an audit? In income tax returns.
Replies (4)
Quick Summary
Gst turnover??
Yes GST turnover
Yes tax audit is applicable as turnover exceeds 1crore u/s 44AB
As per section 44AB if turnover exceeds one crore person is liable for audit under Income tax.
but section 44AD read with section 44AB,
says if turnover is upto 2 crore you can show 8% are 6% minimum profit of the turnover and hence you don't require for audit. but if you so INCOME below 8% and 6% OF TURNOVER, it is mandatory to do audit
but section 44AD read with section 44AB,
says if turnover is upto 2 crore you can show 8% are 6% minimum profit of the turnover and hence you don't require for audit. but if you so INCOME below 8% and 6% OF TURNOVER, it is mandatory to do audit
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