Tax Audit Requirement

09 August 2019

Is it compulsory to do tax audit if my profit is less than 8% of turnover

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7 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (169397 Points)
Replied 09 August 2019

For businesses eligible under sec.44AD, if profit margin is below 6/8% of turnover, tax audit becomes mandatory.

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Manish Shroff (7 Points)
Replied 09 August 2019

44AD is optional i guess

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (169397 Points)
Replied 09 August 2019

Yes, but for profit margin the term is applied (as Deemed income).

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Kapadia Pravin (17259 Points)
Replied 09 August 2019

If no 44AD then no %age condition. File ITR3. Turnover must be less than 1 CR

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sundhar jkn (205 Points)
Replied 10 August 2019

Tax audit is Mandatory if u profit is less than 8% .

RAHUL SHAW (47 Points)
Replied 12 August 2019

If ITR 3 file, turnover less than 1 crore
can show profit less than 8%

Narendra Kumar (other) (299 Points)
Replied 13 August 2019

Yes, but tax audit mandatory; u/s 44AB(e) of IT act.

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