TaxAudit for Stationery
Yes, there is a threshold limit of taxaudit for stationery. The threshold limit is Rs. 1 crore for businesses with more than 5% cash transactions and Rs. 10 crores for businesses with less than 5% cash transactions.
This means that if the gross receipts or turnover of a business engaged in the sale of books and stationery exceeds Rs. 1 crore and the business has more than 5% of its transactions in cash, then the business is required to get its accounts audited by a chartered accountant.
If the business has less than 5% of its transactions in cash, then the threshold limit is Rs. 10 crores.
It is important to note that these are the threshold limits for tax audit. There may be other requirements for audit depending on the specific circumstances of the business.
For example, businesses that are engaged in foreign trade or that have investments in other countries may be required to get their accounts audited even if their turnover is below the threshold limits.
To visit: https://www.mca.gov.in/
For further details access our website: https://vibrantfinserv.com
