Net sales = 65 Lakh
Profit = only 2.5% of net sales
Tax audit Required or Not ???
Menu
Turnover less than 1 crore & net profit less than 8
Replies (4)
Required to get audit as profit is below 8%.
If you declared profit equal to or more than 8%, then no need to get your books audited.
If you declared profit equal to or more than 8%, then no need to get your books audited.
If the total income does not exceed basic exemption limit, then tax audit is not required even if profit is less than minimum presumptive profit
Yes audit is required as profit is less than 8%
If previous years you declare your income in sec 44AD then tax audit required. Otherwise no need to be tax audit after fiance act 2016.
See rule sec 44ad (4/5)
Recent Threads
- TDS u/s 194J - training honorarium
- WHERE TO REGISTER UNDER PTRC AND PTEC ACTS ?
- Key Corporate Compliance Requirements for Private
- Gst Non Filling Return Notice
- GSTR 2B ( MULTIPLE MONTHS )
- Eway bill generation for export material.
- International Tax clarification UK.
- E way bill expired penalty
- Best SME Focused AIF Funds in India for High Growt
- How does employee management software help in stat
Related Threads
CAclubindia
