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What is procedure to covert audit firm into regular firm
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.
Replies (7)
Audit firm means you have a ca firm or any other business??
Can you please elaborate
Business firm sale and purchase of goods
Whether your query is about tax audit or something else??
Tax audit
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
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
You can show minimum 8% profit u/s 44AD on ur turnover, then no audit is required.
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