Tax audit needed if opting for presumptive tax?
Synopsis The Income-tax Act, 2025 introduces a new audit trigger for businesses. This change clarifies audit requirements for low-profit businesses under presumptive taxation. Previously, ambiguity
Synopsis The Income-tax Act, 2025 introduces a new audit trigger for businesses. This change clarifies audit requirements for low-profit businesses under presumptive taxation. Previously, ambiguity existed regarding mandatory audits for lower profit declarations. The new Act expressly links lower-than-presumptive profit declarations to mandatory audits. This amendment brings greater certainty to tax compliance for small businesses.
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