TAX AUDIT 1234455
nirmal paliwal (ipcc) (83 Points)
08 February 2023
Future and option turnover limit and audit is compulsory or not
4 Replies
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 09 February 2023
Net positions will be added for calculating turnover.
Profit + Loss both should be added to arrive the turnover
Profit + Loss both should be added to arrive the turnover
CA Rashmi Gandhi
(Chartered Accountant)
(86495 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
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
Eswar Reddy S
(CFO- at NHTF)
(58275 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
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
CA Rashmi Gandhi
(Chartered Accountant)
(86495 Points)
Replied 14 February 2023
Tax audit limit is 1 crore, 2cr or 3 cr only in case of 44AD & where cash transactions are less than 5% of all transactions then limit is Rs 10 crore
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