Tax Audit applicability_Profit less than 8%/6%
This query is : Resolved
14 May 2022
Hi,
If net profit is less than 8%/6% (as the case may be) of turnover , then tax audit is applicable. (Turnover limit of Rs 2 cr).
However is there any condition that tax audit is applicable when profit is less than 8%/6% and when net income crosses basic exemption limit , else not? i.e both conditions to be satisfied?
Regards,
If net profit is less than 8%/6% (as the case may be) of turnover , then tax audit is applicable. (Turnover limit of Rs 2 cr).
However is there any condition that tax audit is applicable when profit is less than 8%/6% and when net income crosses basic exemption limit , else not? i.e both conditions to be satisfied?
Regards,
14 May 2022
Yes, both condition should be satisfied.
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