Query on audit if profit less than 8% of turnover

This query is : Resolved

Guest

Guest (Querist)

20 January 2015 assessee needs to get his accounts audited if his profits from business are lower than 8% of Turnover. This is true for trading concerns. What will be the case for professionals . Will this hold true that assessee needs to get his accounts audited if his profits from business are lower than 8% of gross receipts

CA NAVEEN SINGLA

CA NAVEEN SINGLA (Expert)
Follow

21 January 2015 You are wrong In case of Trading Business(Retailers) Books require to be maintain where Profit is less than 5%
In case of Civil Construction Business Books require to be maintain where Profit is less than 8 %.
Please correct your concept.

Further Professionals are not covered u/s 44AD/44AE/44AF