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Income tax audit

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 July 2012 FOR EXAMPLE-
MY PARTY'S SALES TURNOVER 50 LAKH AND G.P. IS 5 LAKH AND N.P. IS 1.75 LAKH , NET PROFIT IS DECLARE 175000/- RUPEES. QUERY IS PARTY LIABLE FOR INCOME TAX AUDIT ? IS PARTY FILE ITR4 ?
THNAKS
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
19 July 2012 If you are declaring profit less than 8% then you have to get your books of accounts audited. Yes you have to file ITR 4 then.

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