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Incomr Tax
GST 15845230.00 Does the seller need an audit? In income tax returns.
Replies (4)
Gst turnover??
Yes GST turnover
Yes tax audit is applicable as turnover exceeds 1crore u/s 44AB
As per section 44AB if turnover exceeds one crore person is liable for audit under Income tax.
but section 44AD read with section 44AB,
says if turnover is upto 2 crore you can show 8% are 6% minimum profit of the turnover and hence you don't require for audit. but if you so INCOME below 8% and 6% OF TURNOVER, it is mandatory to do audit
but section 44AD read with section 44AB,
says if turnover is upto 2 crore you can show 8% are 6% minimum profit of the turnover and hence you don't require for audit. but if you so INCOME below 8% and 6% OF TURNOVER, it is mandatory to do audit
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