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What is procedure to covert audit firm into regular firm


Tejpal Jain   04 May 2021

Tejpal Jain

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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.
Sourav

Sourav (Student)     04 May 2021

Sourav
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Audit firm means you have a ca firm or any other business??
RENU SHARMA

RENU SHARMA   04 May 2021

RENU SHARMA

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Can you please elaborate
Tejpal Jain

Tejpal Jain   04 May 2021

Tejpal Jain

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Business firm sale and purchase of goods
Sourav

Sourav (Student)     04 May 2021

Sourav
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Whether your query is about tax audit or something else??
Tejpal Jain

Tejpal Jain   04 May 2021

Tejpal Jain

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Tax audit
Sourav

Sourav (Student)     04 May 2021

Sourav
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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
Lotus Choudhary

Lotus Choudhary   04 May 2021

Lotus Choudhary

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You can show minimum 8% profit u/s 44AD on ur turnover, then no audit is required.

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