Income-tax Act 2025: Mandatory Audit for Low-Margin Businesses Under Presumptive Scheme 1. Old Provisions: Under the existing presumptive taxation regime (Section 44AD of the Income-tax Act, 1961), an assessee declaring income at 6%/8% of turnover is exempt from maintaining books of account and from audit. Audit is required only if the assessee: opts out of…
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