my startup company's turnover is near about 10 lakh and I had registered it in month of December.
is it mandatory to audit of the firm and to file the itr. what should I do any suggestions.
Filing of ITR is compulsory for companies irrespective of turnover.
Audit under income tax is applicable if the annual turnover exceeds Rs. 2 crore, in case of business and Rs 50 lakh in case of profession.
However, audit under companies act, I. e. statutory audit is mandatory irrespective of turnover
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