If my turnover for any financial year is 60 lakhs and my net profit % is less than 8% then do I have to compulsorily get my books audited ??
4 Replies
varun
(study)
(52 Points)
Replied 16 November 2020
Your books can be audited when ur gross receipts of ur business crosses 1cr....
Come to ur question, irrespective of percentage of net profit if ur gross receipts exceeds 1cr you must audit ůr BOA.
For the best of my knowledge I said NO...
Come to ur question, irrespective of percentage of net profit if ur gross receipts exceeds 1cr you must audit ůr BOA.
For the best of my knowledge I said NO...
Aman Verma
(209 Points)
Replied 16 November 2020
Yes for sec 44AD if you show profit less than 8% then it is mandatory to maintain books of accounts and get the books audited ..
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