One of my firm is agency firm. Its total turnover for the year is 37,00,000. Whether Tax Audit is applicable? Can we file return under presumptive basis?
26 June 2014
you audit u/s 44AB is not compulsory due to your turnover is not exceeds Rs. 1 crores . but if you file return and declare net profit less than 8% of the sales (u/s 44AD you have to declare profit@ 8% of gross sales) then you have to take audit report from the auditor.
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