manmohandhanuka (Manager) (26 Points)
29 July 2024Its a newly registered Sole Proprietorship firm and filing for the first year of operations. Is Tax Audit Mandatory if Total Turnover is below 2 Crores and Net Profit is below 8% of Gross Receipts?
CA Aakarsh Jain
(CA)
(10431 Points)
Replied 30 July 2024
manmohandhanuka
(Manager)
(26 Points)
Replied 30 July 2024
So just to confirm .. if the turnover is below 1 Crore and the profit is below 8% or there is a loss then no Tax Audit is required right,
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