What is procedure to covert audit firm into regular firm

Sourav (Student)     04 May 2021

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

RENU SHARMA   04 May 2021

Can you please elaborate

Tejpal Jain   04 May 2021

Business firm sale and purchase of goods

Sourav (Student)     04 May 2021

Whether your query is about tax audit or something else??

Tejpal Jain   04 May 2021

Tax audit

Sourav (Student)     04 May 2021

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   04 May 2021

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