Turnover less then 1 crore and profite less then 8%
This query is : Open
08 June 2018
Dear sir/ madam,
I am filing IT RETURNS for the first time and my business turnover is less then 1 crore and profite is less then 8%. Is it mandatory to file my returns U/S 44AB?
CA Ankit R Momaya
(Expert)
08 June 2018
You have to declare a minimum profits of 8%. In case you cannot declare the same, you are required to get your books of accounts audited.
08 June 2018
Yes... I agreed to Mr CA Ankit R Momaya...
If You are Individual assessee and You ll shown Your profit less 8 percentage and it's also less BEL then no need Tax Audit as per sec 44ab...
But, the Profit is above BEL and Less than 8 percentage then Tax Audit applicable...
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