Turnover more than Rs. 2 cr but less than 10 cr and profit is more than Rs. 2.5 lacs

Taxation
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Hi @Quicko

Can you please help me whether i need to get my books audited, as my turnover is more than Rs. 2 cr but less than 10 cr and my profit is more than Rs. 2.5 lacs?

Thankyou!

2 Likes
2

Hi @sachindei65 ,

Tax audit is applicable if turnover is up to Rs 2 crores and profit is less than 6% of gross turnover and income is above Rs 2.5 lacs.

Since in your case, the turnover is above Rs 2 crores but less than Rs 10 crores, tax audit shall not be applicable.

You may refer the below article for detailed guide relating to tax audit u/s 44AB.

Hope it helps!

1 Like
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Is this applicable for NRI’s or only resident Indians?

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@0DHA, yes, this is applicable to NRI’s too.