Will Tax Audit be applicable if my Trading Turnover is more than INR 2 Crore?
As per the section 44AB and 44AD of the Income Tax Act - Tax Audit is applicable if:
- Turnover is above INR 1cr up to FY 2019-20 or INR 2 cr from FY 2020-21
- Incurred losses
- Profit is less than 6% of the turnover.
Read more for Income Tax Audit Applicability
Check Tax Audit requirement using the Determine Tax Audit Applicability tool