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?
Menu
Is Tax Audit Mandatory for Profit below 8% & Turnover below 2 Cr?
Replies (3)
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,
Recent Topic
- While e filing otp not generating
- INCOME FROM CLOSING OF NSS -1992 -EXEMPT UNDER W
- GPF AND COMMUTED PENSION RECEIVED
- How do I choose the correct trademark class? Can I
- Error in totalling salary amount in AIS
- Client consent under DPDPA: Is client sharing PAN,
- TDS MISMATCH
- Rebate on other income even if LTCG is above my 12
- Need CA to certify shareholding pattern.
- Ltcg savings
Related Topics
CAclubindia
