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Query relating to tax audit applicablity.
My client has turnover of 65 lakhs and his actual net profit is below 2.5 lakhs per annum and if he opts for ptt then his income would be 5.20 lakhs. So if he show his income below 2.5 lakhs whether tax audit is compulsory?
Replies (3)
If u want to show profit percentage less than which is prescribed in ptt then compulsory u need to get ur FS get audited.
but as per the provisions if the income under normal provisions does not exceed 2.5 lakhs and turnover does not exceed 1 crores tax audit will not be applicable
2.5 benefit can be enjoyed only by individual /HUF
Other all cases tax audit applicable if there is taxable income...
Other all cases tax audit applicable if there is taxable income...
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