I started business in the year F.y.2017-18 and my turnover is 90,00,000/- shall I decelear less than 8/- percentage, and maintained books of accounts, compulsory audit report is required
4 Replies
ABHISHEK SHARMA
(2 Points)
Replied 03 July 2018
If you have received amount by banking method than your can delclare profit @ 6% and no audit is require.
Yogesh Pandey
(144 Points)
Replied 03 July 2018
your turnover is less than 1cr there is no need to do tax Audit. if your turnover would be greater than 1cr and upto 2cr then you have option to go for audit or sec 44AD. In your case audit is not applicable.
Ashish Khillan
(Gaining knowledge)
(1039 Points)
Replied 03 July 2018
you have to maintain books and audit if u want declare profit less than 8%
KOUSHAL JAIN
(Chartered Accountant)
(471 Points)
Replied 03 July 2018
profit @ 6% of the turnover can be declared which is realized before the due date of filing through banking channel.
audit in your case is required when your net income is more than 250000 basic exemption limit.
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