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Turnover below 1 cr

Others 346 views 3 replies

CA RAJIV RANJAN

Practice

312 Points Posted on 04 June 2020

if turnover is below 1 cr. can we get it tax audit ? or can we audit normal. plz advice.

Replies (3)

shadab shaikh

133 Points Posted on 04 June 2020

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

CA Raj Doshi

Practising CA

8954 Points Posted on 05 June 2020

Tax Audit cannot be done on voluntary basis. However you can get your financials audited from CA.

Padmanabhan

Student

1321 Points Posted on 07 June 2020

When the turnover is less than 1crore do tax audit provisions are not invoked so proceed with normal audit.

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