My turnover for FY 17-18 is 9500000 . My net profit is 480000 and I have Not opted 44AD . Have i liable to TAX AUDIT ???
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Tax audit
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Yes u r liable for Tax audit as ur income is below 8%
it is based on your previous year IT Return..
if u filed ITR4 last year and offered your profit under Presumptive Taxation u/s 44AD then your are liable for tax audit.. other wise no tax audit(means you have filed ITR 3 last year).
if u offer 4.8lac profit, you have to file ITR-3 current year..
Tax audit applicable only if Business Turnover exceeds 1 Crore rupees..
if u filed ITR4 last year and offered your profit under Presumptive Taxation u/s 44AD then your are liable for tax audit.. other wise no tax audit(means you have filed ITR 3 last year).
if u offer 4.8lac profit, you have to file ITR-3 current year..
Tax audit applicable only if Business Turnover exceeds 1 Crore rupees..
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