13 October 2018
i am traders of iron materials, during the financial year 2017-18 my turnover is 59,00,000/- and my net profit is 3,40,000/- , Query is whether i need to go for Audit under income tax Act, as my net profil below 8%, Please Help. Thanks
14 October 2018
Yes tax audit applicable if you declare less than 8% on gross Turner over your books to be audited and tax audit report to be attached along with income tax return.
CAclubindia
