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Eligible for tax audit or not

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 November 2013 Dear sir,
"A business having less than 1 crore of turnovers and also profit is below 8%. In this case, the business would have to do TAX audit or NOT. Please answer the question as soon as.
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CA UMESH DULAL

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CA UMESH DULAL (Expert)
01 November 2013 if your business is eligible business and 8% of total turnover is less than maximum amount not liable to tax, then no need to get audit

in other case if you declares profit below 8%, you have to do audit

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