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

CA Pallav Singhania

CA Pallav Singhania (Expert)
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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.

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Querist : Anonymous

Querist : Anonymous (Querist)

04 November 2013 thank u sir

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