Turnover below 1 cr
CA RAJIV RANJAN (Practice) (312 Points)
04 June 2020
if turnover is below 1 cr. can we get it tax audit ? or can we audit normal. plz advice.
3 Replies
shadab shaikh
(133 Points)
Replied 04 June 2020
Tax audit is applicable if turnover is more than 2cr
You are just required to pay tax as per presumptive taxation at the rate of 8% on turnover or 6% electronically
You are just required to pay tax as per presumptive taxation at the rate of 8% on turnover or 6% electronically
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 05 June 2020
Tax Audit cannot be done on voluntary basis. However you can get your financials audited from CA.
Padmanabhan
(Student)
(1321 Points)
Replied 07 June 2020
When the turnover is less than 1crore do tax audit provisions are not invoked so proceed with normal audit.
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