my turnover during fy 20/21 was below 1cr that is only 75 lakh. I had followed all tds procedure during that financial year. Now I think that due to such covid situation in India my turnover in current will not be more then 60 lakh. now I want to convert my audit firm into regular firm.what is procedure please help.
If your Turnover is less than 5 crores rupees and your payments and receipts is limited to 5% of total gross payments and receipts in cash then tax audit is not required and if your receipts and payments is greater than 5% of payments and receipts in cash then turnover limit will be 1 crores rupees and in case turnover is less than 1 crores rupees tax audit is not applicable.
In case of presumptive taxation if your turnover is less than 2 crores rupees and profit is 8% of turnover then tax audit is not applicable