Tax audit application and consequences

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26 Points Posted on 02 August 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??

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On 02 August 2020 at 11:58 Report
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260 Points Posted on 02 August 2020
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.
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On 02 August 2020 at 14:55

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