Turnover below 1 cr

If your business turnover is below 1 crore, you generally do not need to undergo a mandatory tax audit, as this typically applies to turnovers exceeding 2 crore. Instead, you can opt for presumptive taxation, paying 8% on turnover or 6% if filed electronically. While a voluntary tax audit isn't possible, you can still have your financials audited by a Chartered Accountant for assurance. For turnovers under 1 crore, proceeding with a normal audit is the standard approach.