Traders declaring business or F&O income below 6% of their turnover may face a mandatory tax audit. This rule applies even if turnover is below certain thresholds. If total income exceeds the basic exemption limit, a tax audit becomes compulsory. Not obtaining a required audit carries risks for the taxpayer. This measure aims to ensure accurate income declaration.
from Tax-Wealth-Economic Times https://ift.tt/hDFGNYK
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