Turnover exceeding 1 cr

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Kkk
1204 Points Posted on 13 October 2020
if a person deals in vegitables so no gst is applicable and his turnover exceeds 1 cr then audit is applicable on it or not
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On 13 October 2020 at 18:08 Report
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This discussion clarifies tax audit requirements for individuals dealing in vegetables with a turnover exceeding 1 crore. If filing under presumptive taxation, a tax audit is generally not required. However, if presumptive taxation is not opted for, or if your net profit falls outside the limits of Section 44AD, a tax audit will be necessary.

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Chief Accountant
3150 Points Posted on 14 October 2020
Is it individual or any others ?
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On 14 October 2020 at 18:44
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Kkk
1204 Points Posted on 14 October 2020
Its by an individual
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On 14 October 2020 at 21:46
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Chief Accountant
3150 Points Posted on 15 October 2020
Than if filing return under presumption taxation than tax audit not required.
otherwise required
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On 15 October 2020 at 19:36
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204 Points Posted on 15 October 2020
If your np is less than the limits of 44ad then audit is reqd. otherwise you can go along with the provisions of 44ad
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On 15 October 2020 at 23:15

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