Will tax audit be applicable to me for 2021-22 financial year.
Here’s my situation
Salary income in 20% slab
Started fno trading in December 2021(3 months ago)
Turnover is 5 lakh and overall it’s net profit. But profit is less than 6% of turnover as shown in zerodha tax pnl.
Hi @emrys11, according to your income details, a tax audit will not be applicable to you. You can always go to the Tax Audit Calculator tool, to input your income and check whether or not a tax audit is applicable to you. Hope we could help.
Will I have to go under presumptive taxation for tax audit to be not applicable? Or it won’t be applicable without taking help of presumptive taxation.
If i take preumptive taxation route then i will have to continue in next year as well, right? Only way to avoid presumptive taxation in next year would be through tax audit.