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Querist : Anonymous

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Querist : Anonymous (Querist)
22 August 2015 Dear Sir,
Please clarify on following point regarding AY 2015-16 -

1. Gross Sales - 74 Lacs and net profit thereon is Rs. 2.75 lacs and LIC premium is Rs. 48000/- Thus total income is Rs. 2.27 lacs. Whether Audit Required?
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Amol S Joglekar

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Amol S Joglekar (Expert)
22 August 2015 Group is divided in 2 opinions on this issue.

If the profit % is below 8 AND the income is not exceeding the taxable limit : AUDIT is not required.
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Querist : Anonymous

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Querist : Anonymous (Querist)
24 August 2015 Total income not exceeding taxable limit

or

Gross Total income not exceeding taxable limit ?



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Amol S Joglekar

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Amol S Joglekar (Expert)
24 August 2015 total income not exceeding the amount which is not chargeable to tax.

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