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Applicability of audit

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(Querist)
20 February 2013 Dear sir,
my assesse has a net profit of rs 115000
and his np ratio is less than 8% .
whether he should be audited or not.
please if possible send a link for confirmation and any relevant data would help.


Thank you
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NITIN SHARMA

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NITIN SHARMA (Expert)
22 February 2013 If the np.is only rs.115000. And total turnover is less then 60 lacs there is no need to be audited as per sec.44ab and if the return is not filr u/s44ad then there is no issue of profit is less then 8%.
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