09 February 2022
If Pvt ltd last year turnover was 1.5 crore And filed tax audit in last a.y. 20.21. but now this a.y. 21.22 turnover is only 5 lac so this time tax audit mandatory or not?
09 February 2022
No..... Provided that— (a) aggregate of all amounts received including amount received for sales, turnover or gross receipts during the previous year, in cash, does not exceed five per cent of the said amount; and (b) aggregate of all payments made including amount incurred for expenditure, in cash, during the previous year does not exceed five per cent of the said payment.
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