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Turnover below 1 cr
if turnover is below 1 cr. can we get it tax audit ? or can we audit normal. plz advice.
Replies (3)
Tax audit is applicable if turnover is more than 2cr
You are just required to pay tax as per presumptive taxation at the rate of 8% on turnover or 6% electronically
You are just required to pay tax as per presumptive taxation at the rate of 8% on turnover or 6% electronically
Tax Audit cannot be done on voluntary basis. However you can get your financials audited from CA.
When the turnover is less than 1crore do tax audit provisions are not invoked so proceed with normal audit.
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