18 May 2015
Dear sir in FY 2014-15 my turn over is below 1 crore but net profit is also below 8%. does my accounts need to audit as per section 44AB and what would be due date for filling income tax return
18 May 2015
In your case you will be required to get your accounts audited u/s 44AB only if your total income exceeds taxable limit applicable to you for AY 2015-16 in addition to profit declared being lower than 8%. If it is so than you are required to file your income tax return after audit on or before 30 september 2015. In any other case July 31 2015.