Is Tax Audit is compulsary though regular books of accounts are kept but net profit is less than 8% of turnover ?
3 Replies
Ruchi
(CA)
(1410 Points)
Replied 05 December 2015
Practically Yes, get the books audited if net profit is less than 8% of turnover.
CA Prateek Garg
(CA in Practice)
(1447 Points)
Replied 07 December 2015
Accounts are required to be audited if your income is less than 8% of Turnover and your want to pay tax on your actual income.
However you may pay tax on income presumed at 8% of Turnover without getting your accounts audited.
harish sama
(Article assistant)
(81 Points)
Replied 07 December 2015
Tax audit is compulsory if you want to show your net income at less than 8% of the total turnover even though proper books are maintained. Ofcourse, tax audit is compulsory if your total turnover exceeds 1 crore during the previous year
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