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Audit is mandatory

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(Querist)
29 August 2018 Sir,

My business turnover is INR 43.00 Lakh for 2017 - 2018. Gross profit is INR 4.43 lakh. Then INR 2.79 lakh all allowable expenses. So net profit is INR 1.64 Interest on capital is INR 1.65 lakh

After all my books shows loss of INR 3000.00 I am liable to audit my accounts??
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CA Ankit R Momaya

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CA Ankit R Momaya (Expert)
29 August 2018 Yes , your firm is liable for tax Audit as Profits as less than 8 %
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Rajiv

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Rajiv (Querist)
29 August 2018 Sir,

We have all digital transection. So it will treat under 6%
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