Tax Audit Applicability

Will Tax Audit be applicable if my Trading Turnover is more than INR 2 Crore?

Hi,

As per the section 44AB and 44AD of the Income Tax Act - Tax Audit is applicable if:

  1. Turnover is above INR 1cr up to FY 2019-20 or INR 2 cr from FY 2020-21
  2. Incurred losses
  3. Profit is less than 6% of the turnover.

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