How much % ratio

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 April 2015 Dear Sir,

A Proprietorship co. of (Guest House) how much show Profit if He want Audit and without Audit

Regards,

Jagdish Kumar

CA Subham Verma

CA Subham Verma (Expert)
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07 April 2015 1) If gross revenue is more than or equal to 1.00crore, Audit u/s 44AB of IT Act is mandatory.
2) If gross revenue is less than 1.00crore and declared profit/net profit margin on sales is less than 8%, audit is mandatory.
3) If gross revenue is less than 1.00crore and declared profit/net profit margin on sales is equal to or more than 8%, audit is not mandatory.