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Tax audit is required ?

mridul kanti mondal (manager -finance) (29 Points)

13 September 2014

client maintain books of account . his profit from business is less than 8%. ( T/O - 68 L ) client is not interested to file income tax return ITR4S. .He is interest to file return in IT4. my question is whethere in this case Tax Audit is required?

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5 Replies

NAVEESH DHAR (ADVOCATE- TAXATION ADVISOR) (427 Points)
Replied 13 September 2014

Yes the audit will be compulsory if the profit is less than 8% of the total turnover.

Dixit (CA Final) (2405 Points)
Replied 13 September 2014

Yes, In this case tax audit required u/s 44ab.

RAHUL GARG (PROPRIETOR) (21 Points)
Replied 14 September 2014

YES, AUDIT IS REQUIRED

B.Arulmani (Chartered Accountant) (221 Points)
Replied 14 September 2014

Yes, If Net Profit is less than 8% of the Turnover, the accounts should be audited

mridul kanti mondal (manager -finance) (29 Points)
Replied 15 September 2014

That is if any business incurred any loss then tax audit is mandatory what ever is the T/O . If assesee file return in ITR 4 and T/O may be 10L tax audit is mandatory?