Audit

This query is : Open

durgesh (Querist)
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08 August 2016 if the turnover of the business is Rs. 89 lakhs and net profit is Rs. 3.5 lakhs. and deduction u/s 80c available Rs. 120000.

now the my question is, in this case tax audit is required or not.

please explain with applicable provision.

CA Shyam Agarwal

CA Shyam Agarwal (Expert)
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08 August 2016 You will have to get audited your books of a/c bcz 8% of Rs. 89 lac is 7.12 Lac. but your profit is below rs. 7.12 lac so you will have to get audited your books.

durgesh

durgesh (Querist)
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08 August 2016 dear sir some professional say that if the total income below from basic exemption then audit is not required.

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durgesh

durgesh (Querist)
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10 August 2016 any one please tell me