Audit
Querist : Anonymous
Please clarify on following point regarding AY 2015-16 -
1. Gross Sales - 74 Lacs and net profit thereon is Rs. 2.75 lacs and LIC premium is Rs. 48000/- Thus total income is Rs. 2.27 lacs. Whether Audit Required?
If the profit % is below 8 AND the income is not exceeding the taxable limit : AUDIT is not required.
Querist : Anonymous
or
Gross Total income not exceeding taxable limit ?
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