banner_ad

Tax audit needed?

Internal Audit 707 views 10 replies

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

Replies (10)

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.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Related Topics
Loading
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details