TAX Audit Requirement

This discussion clarifies whether a private limited company with a turnover of £35 Lakhs and a net profit of £1.2 Lakhs requires a tax audit. The consensus is no, as the turnover does not exceed the £1 Crore threshold stipulated by Section 44AB. It's also clarified that Section 44AD, concerning lower profit margins, applies to individuals, HUFs, and partnership firms, not LLPs or companies.