My total sales is 50.5 lacs for business and gross profit is 13%
And I'm in GST presumptive scheme so should I need to do audit?
My tax consultant saying above 50 lac sales you need audit
and last year for 63 lac sales and net profit of 6.2% he done audit!
So please guide me what to do in this case
Last year under which section audit was done?
Every GST registered taxable person whose turnover during a financial year exceeds the prescribed limit is subject to audit. As per the current notified GST Rules, the turnover limit is above Rs 2 crores. Such businesses must get their books of accounts audited by a chartered accountant or a cost accountant.
Last year audit basis on which section I don't know
Ok , so audit is not necessary in my case right?
Under GST act, no audit applicable,
Under IT act it is not envisaged as profit margin is 13%, but still it needs to be verified with last year's audit if any.
Okay thank you sir ji.
One more query : incase the turnover is under 1 cr but the net profit is less than 8% so should I liable for audit?
No, unless you were audited u/s.44AB(e) IT act, in any preceding five years.
Ok Thank you so much sir ji🙏
You are welcome.
I am attempting ACCA P6 which is advanced taxation. I am learning how to do tax audit and different types of taxes.
CAclubindia
