Tax audit
This query is : Resolved
14 April 2014
i have some confusion regarding following matter because as I have discussed the matter with different people , their views are different -
Some people say ( including practicing c.a and advocates) that if I am maintaining proper books of account and my turnover is less that audit limit, I do not need audit even if my net profit is less than 8%, Is it right?
Some people say ( including practicing c.a and advocates) that if I am maintaining proper books of account and my turnover is less that audit limit, I do not need audit even if my net profit is less than 8%, Is it right?
CA Jitender Sharma
(Expert)
14 April 2014
This is partly correct that you need not to audit
but u/s 44AD if you want to claim net profit below than 8% you need to maintain proper books of account and get your accounts audited.
but u/s 44AD if you want to claim net profit below than 8% you need to maintain proper books of account and get your accounts audited.
14 April 2014
Sir , my question is do I need audit if my sale is 80 lac and net profit is less than 8% and I am maintaining proper books
CA Jitender Sharma
(Expert)
14 April 2014
yes , as per Section 44AD if you claim your Net profit is below 8% of Turnover. you need to be get your accounts audited.
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