Can anyone confirm me whether it is mandatory to have minimum net profit of 8% of turnover or gross receipts for f.y. 2010-11 to avoid tax audit, if the total turnover is less than 60lacs?
Can anyone confirm me whether it is mandatory to have minimum net profit of 8% of turnover or gross receipts for f.y. 2010-11 to avoid tax audit, if the total turnover is less than 60lacs?
Yes if the Net profit is less than 8%, Tax Audit is mandatory irrespective of the turnover.
R P S K & Associates
Nashik
CA Inter
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CMNITY HIRE
New Delhi
Others
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T R SOOD & CO
New Delhi
CA Inter
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