Tax audit for near 2 crores

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Ca articleship
335 Points Posted on 09 October 2022
hi team

if partnership firm has turnover of near 2 crores

receiving receipts and payments digitally and more than 95% transactions are more than digitally

for above case, Tax audit is applicable or not

please confirm and thanks for your help
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On 09 October 2022 at 16:05 Report
Replies (10)
Quick Summary
This discussion concerns a partnership firm with a turnover close to 2 crores, primarily receiving and making payments digitally (over 95%). The core question is whether a tax audit is mandatory for Assessment Year 23-24. Initial responses suggest that if the turnover is below 10 crores and cash transactions are less than 5%, an audit may not be required, especially with current year's online-only transactions. There's also a separate query about switching back to presumptive taxation after opting out for several years.

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CFO- at NHTF
58280 Points Posted on 09 October 2022
For which AY ?
5 Reply
On 09 October 2022 at 16:50
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Ca articleship
335 Points Posted on 09 October 2022

This is for current year, AY 23-24

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On 09 October 2022 at 17:09
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12244 Points Posted on 10 October 2022
Not required to audit....
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On 10 October 2022 at 02:11
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Profession Business
28246 Points Posted on 10 October 2022
Current year not required but past year transactions.
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On 10 October 2022 at 07:27
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Ca articleship
335 Points Posted on 10 October 2022

Past year is less than 1 crore turnover

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On 10 October 2022 at 10:37
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CFO- at NHTF
58280 Points Posted on 12 October 2022
Amendment has come considering the % of receipts by online mode
3 Reply
On 12 October 2022 at 06:53
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artical aisstant
115 Points Posted on 12 October 2022

Ok, current year we did only online transactions 

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On 12 October 2022 at 08:49
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Practicing Chartered Accountant
34 Points Posted on 12 October 2022

Audit is not required if the turnover is less than 10 crore, subject to condition of 5 percent cash transaction 

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On 12 October 2022 at 18:05
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CFO- at NHTF
58280 Points Posted on 13 October 2022
Audit is not required as per the ceiling mentioned by above member
2 Reply
On 13 October 2022 at 07:21
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Ca articleship
335 Points Posted on 19 March 2023

hi friends

we have partnership firm, in FY 18-19 we opted for presumptive income and  next year's onwards we are filling normal tax return and not filling under presumptive tax return

we are planning to file this year under presumptive income

our doubt can we opt for presumptive income or not we heard that can't file under presumptive for 5 years due to miss out

please clarify us, thanks for your support
 

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On 19 March 2023 at 23:25

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