07 April 2015
1) If gross revenue is more than or equal to 1.00crore, Audit u/s 44AB of IT Act is mandatory. 2) If gross revenue is less than 1.00crore and declared profit/net profit margin on sales is less than 8%, audit is mandatory. 3) If gross revenue is less than 1.00crore and declared profit/net profit margin on sales is equal to or more than 8%, audit is not mandatory.
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