Income tax audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 March 2015
Dear expert
i am running proprietor ship firm. having turn over below 1 cr. but the net profit is 7.68%. plz. guide me in which condition audit need to be conduct.
i am running proprietor ship firm. having turn over below 1 cr. but the net profit is 7.68%. plz. guide me in which condition audit need to be conduct.
04 March 2015
If you want to claim lower profit ie, below 8% and your total income exceeds the basic limit , you have to maintain books of accounts compulsorily and get audited.
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