Is Tax Audit compulsory if the business profit exceeds 8% of the total turnover/gross receipt provided that the turnover is less than Rs. 60 lacs?
5 Replies
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 16 June 2011
if profit is more tha 8% and turnover is less than 60 lakh than no audit is compulsory
Hitesh Agarwal
(Chartered Accountant)
(80 Points)
Replied 16 June 2011
But if business profit is less than 8% and even though turnover is less than Rs. 60 lacs then whether tax audit is compulsory
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 16 June 2011
| Originally posted by : Hitesh Agarwal | ||
 |
But if business profit is less than 8% and even though turnover is less than Rs. 60 lacs then whether tax audit is compulsory |
 |
YES IN THIS CASE AUDIT IS COMPULSORY
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