Audit
This query is : Open
08 August 2016
if the turnover of the business is Rs. 89 lakhs and net profit is Rs. 3.5 lakhs. and deduction u/s 80c available Rs. 120000.
now the my question is, in this case tax audit is required or not.
please explain with applicable provision.
now the my question is, in this case tax audit is required or not.
please explain with applicable provision.
CA Shyam Agarwal
(Expert)
08 August 2016
You will have to get audited your books of a/c bcz 8% of Rs. 89 lac is 7.12 Lac. but your profit is below rs. 7.12 lac so you will have to get audited your books.
08 August 2016
dear sir some professional say that if the total income below from basic exemption then audit is not required.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Tax on Amount transferred in HUF Account
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
