Declaring business or F&O income below 6% of turnover? Tax audit report may be mandatory

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.