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Switching from Normal Books of Accounts to Presumptive taxation
Kindly guide me whether an assessee who maintains proper books of maintained having turnover less than 1cr can switch to presumptive taxation without any consequences. As one of my colleagues said that tax audit is required if you want to switch from normal books of accounts to presumptive taxation. So kindly provide me proper guidance
Replies (1)
No. You are misguided. No need of audit under presumptive assessment, till your turnover is below Rs.2 Crs, and you declare minimum 5/8% of profit.
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