Tax audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 November 2013
Dear sir,
I am doing medicine business, turnover is 90 lacs and profit is 7%. Then will i have to do tax audit? answer as soon as possible
I am doing medicine business, turnover is 90 lacs and profit is 7%. Then will i have to do tax audit? answer as soon as possible
01 November 2013
If you want to declare profit less than 8 percent than you have to do Tax Audit U/S 44AB...
An eligible assessee who claims that his profits and gains from the eligible business are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to income-tax,
shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.
An eligible assessee who claims that his profits and gains from the eligible business are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to income-tax,
shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
04 November 2013
thank u sir
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