21 July 2013
if a person has turnover below limit say rs.98 lcs and its not mandatory for him to audit his books of accounts..which will be his minimum tax liab. and as a professional what advice we shall give to him
If he is not ready to get his accounts audited then at least 8% of turnover should be shown as Net profit.
If he wants to show less profit then accounts would be required to audited. It is an absolute discretion of client, whether he wants to pay tax or audit fees. Regards CA Akriti Bhatia
CAclubindia
