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???
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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.