15 June 2014
A labour contractor recieved a receipt of rs. 21 lakh in the ay 2014-15.tds of rs. 21000 deducted on it. is he liable for audit. and last year he files itr 4 with assumption of 20 % profit on receipts. now can he shown less profit this year.
15 June 2014
as long as profit is more than 8% of the turnover, no audit is required. in this case, even if the profit is less than 8% but the total income is less than the exempted limit (Rs 2 lakhs) audit wont apply