Whether am i required to get books of accounts audited ?

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Harsh (Querist)
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02 April 2018 My total turnover of the business is Rs. 70 lacs and my net profit is around 5% to 6%.so whether i require to get my books of accounts audited?

CA Ashish Agrawal

CA Ashish Agrawal (Expert)
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02 April 2018 Yes. In case you don't want to opt for Audit then you have to show net profit of min 8% (6% if the amounts are received in Bank) of your Turnover.

RAJA P M

RAJA P M (Expert)
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02 April 2018 What is Your nature of Business entity...? Are You individual or any other?

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Harsh

Harsh (Querist)
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03 April 2018 Yes.. I have individual PAN

Harsh

Harsh (Querist)
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03 April 2018 But Tax Audit limit is Rs. 100 LACS... Then how am I eligible to get audit of my books of accounts?

RAJA P M

RAJA P M (Expert)
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03 April 2018 If You are individual and You will show your profit less than 8% and also it's less than Basic exemption limit then No need Tax Audit...

Harsh

Harsh (Querist)
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03 April 2018 Sir, my question is, I am individual and my turnover is Rs. 70 lacs and my profit would be around 5%. Then under which section am I eligible to get my books of accounts audited?
THIS IS URGENT.... PLEASE HELP ME