My Friend was a Business man ,he have turnover Rs 1,50,00,000 ( one crore fifty lakhs) Including cash ,bank and online receipts..
as per current Rules Tax Audit is required or not required????
4 Replies
rama krishnan
(12244 Points)
Replied 21 July 2022
Either you have to file under section 44AD,declaring 8% of 1.5 crores as total income or else audit your books and file ITR
MPR Sanjay Kumar
(3145 Points)
Replied 21 July 2022
If turnover exceeds 1 crore means he should have to show in Tax audit scheme or 2 crore mandatory ......optional???
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