Need for tax audit ?

Others 457 views 2 replies

rajkumar goyal

manager

67 Points Joined October 2013

in ay 2015-16 if a prop"s firm have a turnover of rs. 85 lacs & earned profit 2.48 lacs,

is he liable to get tax audit ?

Replies (2)

sushil kumar

CA Final-Audit Assistant

528 Points Joined August 2010

yes, you are liable for tax audit because net profit is less than 8%.

Guest

Tax audit will be thr if ur declared profit is less then 8% of sales or receipts (if u opted fot section 44AD.) If u dont opt for sec 44ad , then u are not eligible for tax audit u/s 44AB because ur net income does nt exceed the limit prescribed in tht section