Wether a retail traders having 45 Lakh turnover can audit his account u/s 44AB of IT Act and file IT return declaring below 8% Net profit now for the Ass. year 2011-12
Lakshmisha. B. S (assisstant) (92 Points)
11 November 2011Wether a retail traders having 45 Lakh turnover can audit his account u/s 44AB of IT Act and file IT return declaring below 8% Net profit now for the Ass. year 2011-12
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 15 November 2011
If the Income of the retailer is < 8% of the total turnover then he can show his profit for tax which is less than 8%. In such case he will be required to maitain the books of accounts but no tax audit will be applicable.
However if he wishes to decalre his income on presumptive basis then tax audit will be applicable to him, as there is an specific requriement in Form 3CD
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