Applicability of tax audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 September 2017
Dear Experts.
We are proprietary concern firm in FY 2016-17 our turnover is 27 Lacs however our net profit is 116649@4.32%
Pls let me know in this scenario income is chargable to tax but NP is also below 8% so whether Tax audit will be applicable or not?
Thanks
Mukesh chauhan
We are proprietary concern firm in FY 2016-17 our turnover is 27 Lacs however our net profit is 116649@4.32%
Pls let me know in this scenario income is chargable to tax but NP is also below 8% so whether Tax audit will be applicable or not?
Thanks
Mukesh chauhan
Ashiwini Ballodia
(Expert)
04 September 2017
If you file your return as individual than not liable for audit because your income is below taxable limit
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