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Income tax audit
if i show income less than 8% in ITR 3 then do i need to get my accounts audited? ( i am not showing income on presumptive basis, i am maintaining proper books of accounts)
Replies (3)
If you are maintaining Books of Accounts than u have to get audit those BOA from a Charatered Accountant
Refer sec 44AB - If turnover in PY exceeds 1 Crore you have to maintain and audit those books of Accounts
Dear Sir,
if your income is Profit is less than 8% or not does not determine wether you have to comply with audit complainces but according to section 44AB of Income Tax Act 1961 , if your turnover is exceeding Rs.2 Crore(amended ) then you have to do audit. otherwise not in case of person doing bussiness.
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