Government may let small firms skip mandatory audits
Business
The government is thinking about letting businesses with yearly sales up to ₹1 crore skip mandatory audits.
The idea is to make life easier for small firms: less paperwork, lower costs, and rules that match existing tax exemptions.
Concerns over potential misuse and lack of oversight
Some chartered accountants and experts are worried this could lead to less oversight and more chances for misuse.
They say audits help keep things transparent, especially for companies not already under strict tax checks.
Because of these concerns, the government may tweak or even drop the plan after hearing everyone out.