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.
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.
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