Audit required if profit is less that 8% of turnover and turnover <1 cr

Taxation
1

Is audit still mandary for profit <8% of turnover , since it’s still showing up there in Zerodha back office ?

2

This is important , can anyone provide any inputs ?

3

Yes it’s required if income other than trading is more than 2.5 lacs

4

Is this applicable only if you have taxable income, right? So if I have 3 lac and with rebate if I need not to pay anything, audit would be still required?

5

I think it’s 2 crores now…

6

Ah, will have this changed on our BO.

This post is updated, it is 6% and 2 crores now.

7

Yeah, not required to audit in that case.

8

Do we have cleartax representative here? The person contacted me from Cleartax saying audit is required if in loss, even though I don’t have any tax payable after all deductions & rebate. Is that correct?