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Income Tax Audit 2021-22

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(Querist)
23 July 2022 Hello sir,
Our Business turnover is up to 1.20 crore in F.y. 2021-22 and cash receipt & payment is less than 5%. We are not doing Income tax audit and filing ITR3 form.
My query is Whether we can show Net profit Less than 6% .
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Dhirajlal Rambhia online

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Dhirajlal Rambhia online (Expert)
23 July 2022 Yes, provided you had not opted sec. 44AD of the act, in any preceding 5 years.

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