Income tax audit compoulsory?
This query is : Resolved
mohammed arif
(Querist)
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
Thanks
CA R SEETHARAMAN
(Expert)
14 October 2018
Yes tax audit applicable in view of less than 8% profit.
14 October 2018
As per my view.,
If You are filed u/s 44AA then Tax Audit not applicable.
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KAVIRAJA ADDANGADI
(Expert)
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.
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