Tax audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 April 2017 Dear Experts
My turnover in FY 2015-16 is 2690562 and net profit is 6.69% 179999

Pls clarify :- wrather audit will be applicable or not?

Regds
Amit Gwala

CA ROHIT JAIN

CA ROHIT JAIN (Expert)
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04 April 2017 As per Sec 44AB (d) audit is required when the person claims profit lower than 8% AND his total income exceeds the maximum amount not chargable to tax. In your case, assuming the status of the assessee is an individual and your business and other incomes in aggregate do not exceed the threshold exemption limit, you are neither required to get your books audited nor required to file income tax return unless you are claiming any refund. Furthermore, applicability of section 44AA for maintaining books of acounts would depend on your gross receipt and book profit of preceeding 3 financial years.