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Tax audit application and consequences

194 views 1 replies

yash jain

12 Points Joined May 2020

I am conducting tax audit from past 15 years for my business but in FY 2019-2020 my turnover went down below 1 cr...now I don't want to continue the tax audit as I am expecting that my turnover will be decreasing in the coming years....is my thinking ok...what can be done? I m showing net profit above 8%

Can my case go in scrutiny if I discontinue tax audit??

Replies (1)

Mohan Kale

399 Points Joined April 2017

If your TO is reducing and going below the aet criteria for tax audit then obviously there will not be any audit. These days there is computerised selection of cases for scrutiny so no one can say for sure whether your case would be selected or not. But as long as your accounts are authentic and no manipulation of any kind you should not worry.