I am in work contract service.
my turnover is below 2 crore. please tell me income tax audit is applicable on me or not?
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Tax audit limit for contractors
Replies (2)
Quick Summary
1. If the aggregate of all amounts received and Payment in cash, does not exceed 5% of the Turnover - Tax Audit Not Applicable
2. If The above condition is not satisfied and you are eligible for the presumption taxation scheme - Tax Audit Not Applicable
2. If The above condition is not satisfied and you are eligible for the presumption taxation scheme - Tax Audit Not Applicable
If you are declaring 8% profit, not required. if not, then required
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