https://www.taxtmi.com/forum/issue?id=106366 Audit under the tax audit provision arises when a taxpayer claiming actual net profit below the presumptive percentage also has total income exceeding the taxable threshold; if excluded from the presumptive scheme and turnover remains under the audit threshold, audit is not required. Profit for this test is computed after allowing all deductions and adjustments, including depreciation and adjustments under provisions such as S.40A(ia) and S.43B. Partnership firms with nil or negative income were noted as generally not liable for audit in the forum responses. en-us Mon, 30 Dec 2013 11:21:25 +0530 Thu, 23 Jan 2025 15:57:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=106366 Audit under the tax audit provision arises when a taxpayer claiming actual net profit below the presumptive percentage also has total income exceeding the taxable threshold; if excluded from the presumptive scheme and turnover remains under the audit threshold, audit is not required. Profit for this test is computed after allowing all deductions and adjustments, including depreciation and adjustments under provisions such as S.40A(ia) and S.43B. Partnership firms with nil or negative income were noted as generally not liable for audit in the forum responses. Discussion-Forum Income Tax Mon, 30 Dec 2013 11:21:25 +0530 https://www.taxtmi.com/forum/issue?id=106366