Tax audit in case of commission income

This discussion clarifies the applicability of tax audits for businesses earning commission income. It explains that Section 44AD doesn't apply to commission, allowing for profit declarations below 8%. The general turnover threshold for a tax audit is £1 crore, with higher limits if cash transactions are minimal. Even if a loss is incurred, an audit might not be mandatory if turnover is below £1 crore, though full financial reporting is still required.