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02 April 2013 If Firm has a gross profit above 8% but has a net loss ,then Audit to be done or not?Turnover is less then 1cr
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CA LOKESH KASAT, FCA, M.Com

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CA LOKESH KASAT, FCA, M.Com (Expert)
02 April 2013 Audit is based on Turnover u/s 44AB not on Profit.

For Business: If Turnoiver exceeds Rs. 1 Crore

For Profession: If Gross Receipt Exceed Rs. 25 lakh

Than only Tax Audit is required

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