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TAX AUDIT 1234455

nirmal paliwal (ipcc) (82 Points)

08 February 2023

Future and option turnover limit and audit is compulsory or not

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4 Replies

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 09 February 2023

Net positions will be added for calculating turnover.

Profit + Loss both should be added to arrive the turnover

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CA Rashmi Gandhi (Chartered Accountant) (86318 Points)
Replied 09 February 2023

You can do turnover upto any limit .

Upto 10 crore declare 6% profit no need for audit , if profit is less than 6% audit will be applicable.

Above 10 crore compulsorily required to get audit

3 Like

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 12 February 2023

@ Nirmal Paliwal ,

Turnover limit for tax audit is 2 Crores for FY-2022-23 and 3 Crores for FY-2023-24.

Tax Audit is mandatory if turnover exceeds 2 Crores