Query on Tax Audit applicability

This discussion concerns the applicability of a tax audit for an individual proprietorship with a turnover of £1.2 crore in FY 2019-20. The user is seeking clarification on whether their turnover exceeds the mandatory audit threshold, especially considering their previous year's turnover was below £1 crore and they did not opt for presumptive taxation. The responses indicate that a tax audit is generally compulsory if turnover exceeds £1 crore, with specific conditions related to presumptive taxation and claimed profits.