Total sale - 2 cr 30000 thousand
Sale return-35000 thousand
Net sale - 1cr 99 lakh 65 thousand
Kya tax Audit compulsory hai
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Tax Audit compulsory
Replies (4)
Quick Summary
Yes coz limit is 1 cr
Yes, Audit is required
1.If your all the 95% receipts and payments are through banking mode ..then tax audit is not required upto turnover of 5cr.
or
2.If you are declaring your income under 44ad and showing 8% /6% of of total turnover
only for individual/firm ( exclude LLP).
then tax audit not required upto turnover of 2 cr..
Other wise tax audit is compulsory
or
2.If you are declaring your income under 44ad and showing 8% /6% of of total turnover
only for individual/firm ( exclude LLP).
then tax audit not required upto turnover of 2 cr..
Other wise tax audit is compulsory
Yes in your above declared figure case mandatory
just crossed verify the bank statement
cash flow n out flow
receipt n payment after that if it falls as per audit rule do audit others wise not required
just crossed verify the bank statement
cash flow n out flow
receipt n payment after that if it falls as per audit rule do audit others wise not required
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