Tax Audit for MSME

347 views 1 replies

Dear Experts,

Tax payer is a proprietor and having TO ov 3.5cr in FY22-23.

He has interest income from FD. 

He had opted for presumptive taxation in FY21-22.

Since, his TO is >2cr in the FY22-23, he is not eligible for continuation in presumptive. He now will have to file the return on regular basis.

But his profit as per the books will come to about 7L (after having considered all the business expenses), which will be about 2.5% of profit from his total TO of 3.5Cr in FY22-23.

Does he have to go for Audit since his profit is <6% of TO? or he can file the return on his own by declaring profit as 7L..?

 

Thanks in advance. 

Kartik

 

Replies (1)
Tax audit for msme will bit tedious.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
14 July 2026
Senior Executive/ Manager

H S SHARMA AND CO

Pune

CA Final

View Details
Company
29 July 2026
ACCOUNTANT

ONESTEP GST SOLUTION

New Delhi

B.Com

View Details
Company
Featured 16 July 2026
Semi Qualified Company Secretary

Vakilsearch.com

Chennai

CS

View Details
Company
05 July 2026
Financial Controller

NovumLake Partners

Mumbai

CA

View Details
Company
ARTICLESHIP 17 July 2026
Article Assistant and B.com pass

BANSAL YOGESH AND CO

Gautam Budh Nagar

B.Com

View Details
Company
06 July 2026
Chartered Accountant (Indirect Taxation)

Gowra Ventures Pvt Ltd

Hyderabad

CA

View Details
Company
Featured 18 July 2026
Senior Manager- Finance & Accounts

apricus india

Ahmedabad

CA

View Details
Company
ARTICLESHIP 15 July 2026
CA Articles

Kinjal H Shah & Co.

Mumbai

CA Foundation

View Details