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RAHUL SHAW   16 November 2020

Tax Audit compulsory

Total sale - 2 cr 30000 thousand
Sale return-35000 thousand
Net sale - 1cr 99 lakh 65 thousand

Kya tax Audit compulsory hai


 4 Replies

Jayendra

Jayendra (student)     16 November 2020

Yes coz limit is 1 cr
JATINDER KUMAR

JATINDER KUMAR (Accountant)     16 November 2020

Yes, Audit is required
suraj

suraj (Student CA Final )     16 November 2020

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
ayusmita

ayusmita (Tax consultant)     17 November 2020

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

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