HELLO FRIENDS, IF MY CLIENT IS DOING RETAIL BUSINESS BUT HE MAINTAINS BOOKS AND HE DOES NOT OPT FOR SEC 44AF
HIS SALES ARE RS 500000 CAN HE HAS TO SHOW TO SHOW NET PROFIT MORE THAN 5%
IF HE HAS SHOWN LESS THAN 5% IS AUDIT COMPULSORY?
PLS GUIDE ME.
1 Replies
CA Namrata ghosh
(CA)
(55 Points)
Replied 27 July 2010
If he maintains his books of accounts properly and claims that his profit from business is less than 5 % of turnover ;then in this case he must have to go for audit of his Accounts though the turnover doesn't exceed Rs.40,00,000.
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
