Is tax audit is compulsory as turnover is more than 1 cr. ?
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Itr2 for AY 21/22
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Tax audit is applicable if u file return u/s 44AD
if u file under normal scheme, than tax audit is applicable
if u file under normal scheme, than tax audit is applicable
Tax audit is compulsory Only if you declared income less than 6% or 8% as the case may be.
I am filing return u/s 44AD and maintaining of Books of account are not mandatory in that case, than how can I justify my sale without books
U/s 44AD you are not required to maintain full books of accounts, But u have to maintain sale, purchase details, creditors and debtors details along with bank and cash balances.
as this requires to be mentioned in return
as this requires to be mentioned in return
In GST and In IT return turnover need to be same ?
Yes, Ma'am, you have to reconcile both the figures with books or as per your sales register
In Normal scheme, turnover limit for tax audit is 1 cr or 5cr? or increase
As per the Budget 2020, (i.e from FY 2020-2021 onwards), an assessee having cash receipts and payments not exceeding 5%, is not liable for tax audit if his turnover does not exceed Rs. 5 crores.
in other case it's 1 cr. only
in other case it's 1 cr. only
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