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Question:- Sir I am doing fruit wholesale and my annual sales are Rs.1. 50 crores, do I have to audit?

Answer

• If your annual sales are more than Rs 1 crore and your net profit is less than 8% then you need to do an income tax audit.
• If your sales are between 1 crore to 10 crores and your cash sales or cash expenses are more than 5%, then you need a tax audit.
  

• If your net profit is more than 8% then no audit is required, if your sales are 1 crore to 10 crore and your cash sales or cash cost is less than 5% then you don't need to do a tax audit
  

 Example

Regards

Santosh Patil

9769201316