Suresh S. Tejwani (proprietor) (700 Points)
05 October 2021IF AN INDIVIDUAL HAS TURNOVER MORE THAN 1 CRORE AND DECLARES PROFIT @ 8% , THEN IS IT MANDATORY TO UNDERGO TAX AUDIT ?
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(3660 Points)
Replied 05 October 2021
A taxpayer must mandatorily undergo a tax audit of his/ her books of accounts if the sales, turnover, or gross receipts exceeds Rs 1 crore in a financial year. The threshold limit of Rs 1 crore is proposed to be increased to Rs 5 crore with effect from AY 2020-21 (FY 2019-20.
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