If the business is not following the presumptive tax method and its turnover is less than 1 crore and its profit is less than 8%. In that case, whether tax audit is necessary or not???
Yes it is applicable except where the Income is below the exemption limit. The limit of 8% is for cash transactions and 6% in case of other than cash i.e. banking or any other digital mode.
For turnover of less than 1 cr, it is deemed to be covered under presumptive tax. For futher, please specify the constitution of business of assessee and nature of business or profession.
NO necessary
Yes it is applicable except where the Income is below the exemption limit. The limit of 8% is for cash transactions and 6% in case of other than cash i.e. banking or any other digital mode.
For turnover of less than 1 cr, it is deemed to be covered under presumptive tax. For futher, please specify the constitution of business of assessee and nature of business or profession.