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As per Zerodha Varsity and Tax Laws , if your turnover is less than 1 crore and if your profit is less than 8% of turnover an audit is not required if your total tax liability for the year is zero. That means if your total income (Salary + Business income + capital gain) is less than Rs 2.5lks (minimum tax slab), you have no tax liability and hence audit not required. My Doubt : if total income > basic exemption limit , but net liability is zero since rebate u/s 87A is applicable, will tax audit be still applicable? in the tax law.
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