An aquaculture business had 1.95cr turnover during the financial year 2019-20. And profitability ratio is below 5%. Does it requires tax audit?
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Tax audit applicability
Replies (2)
Quick Summary
Option 1 : file return u/s 44AB I. e tax audit since turnover exceeds 1 cr.
option 2: file return u/s 44AD (if individual or firm) since turnover does not exceed 2cr. and declare profit atleast 6%/8% as the case may be.
option 2: file return u/s 44AD (if individual or firm) since turnover does not exceed 2cr. and declare profit atleast 6%/8% as the case may be.
Tax audit as per your saying profitability ratio is below 5%
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