Audit required or not
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 September 2015
Dear Sir,
Facts of the case as follows -
Sale- 7840000/-
Net profit - 298700/-
80C- 35400/-
TOTAL INCOME COMES TO - 263300/-
Tax Liability - 1330/-
Less Reabate u/s 87A - 1330/-
Tax Payable - 0/-
Whether the audit is required in above case or not ?
Please clarify.
Facts of the case as follows -
Sale- 7840000/-
Net profit - 298700/-
80C- 35400/-
TOTAL INCOME COMES TO - 263300/-
Tax Liability - 1330/-
Less Reabate u/s 87A - 1330/-
Tax Payable - 0/-
Whether the audit is required in above case or not ?
Please clarify.
13 September 2015
Audit is required in view of declaration of less than 8% profit and total income is more than basic exemption limit.
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