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?
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?
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,
SSGS and Associates
Chennai
CA Inter
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CAclubindia
