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Income tax

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(Querist)
24 April 2013 DEALER IS WHOLESALE DEALING IN WASTE PAPER SUPPLY TO INDUSTRIES TURNOVER IS RS 80,00,000/- DURING THE AY 2013/14 & SHOWING NET PROFIT RATIO 3% WHETHER LIABLE TO AUDIT U/S 44AB WHILE FILING I TAX RETURN PL EXPLAIN
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
24 April 2013 Net profit ration @3% means- his income is Rs 240000/-.
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As he is not showing Income @ 8% of turnover, he is required to get his accounts audited.
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