Its a newly registered Sole Proprietorship firm and filing for the first year of operations. Is Tax Audit Mandatory if Total Turnover is below 2 Crores and Net Profit is below 8% of Gross Receipts?
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Is Tax Audit Mandatory for Profit below 8% & Turnover below 2 Cr?
Replies (3)
Quick Summary
Audit is mandatory in this case. But if turnover is less than 1 cr, then audit not required
So just to confirm .. if the turnover is below 1 Crore and the profit is below 8% or there is a loss then no Tax Audit is required right,
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