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Net profit less than 8% of turnover

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 September 2018 In case if any trader or manufacturer having income Less than 1 crore and shows profits less than 8% of Total turnover, Will be needed his accounts audited due to less profit shown ?
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Gokul Sharma

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Gokul Sharma (Expert)
05 September 2018 yes .......books of accounts needs to be audited
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
05 September 2018 only if your income is above exempted limit.
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Gokul Sharma

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Gokul Sharma (Expert)
05 September 2018 sir if tax is not coming then why one go for less than 8 %........
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
05 September 2018 that is the flaw in the section. it has been badly drafted.
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Gokul Sharma

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Gokul Sharma (Expert)
07 September 2018 yes sir .......you are right

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