Liability of audit
This query is : Resolved
14 April 2016
One of my friend is running a proprietor concern & has achieved a turnover of Rs. 14,52,510/- in F.Y. 2015-16 with Net Profit of Rs. 127610 (8.79% of turnover). He has no other income except saving interest of Rs. 8120/-.
Should he file his income tax return?
If NP is below 8% against the turnover of Rs. 14,52,510/-, Should he gets his accounts audited? I heard that if gross taxable income is above the threshold limit i.e. Rs. 2.50 Lacs & N.P. is below 8%, audit is mandatory.
Please advise briefly. Its urgent sir.
Should he file his income tax return?
If NP is below 8% against the turnover of Rs. 14,52,510/-, Should he gets his accounts audited? I heard that if gross taxable income is above the threshold limit i.e. Rs. 2.50 Lacs & N.P. is below 8%, audit is mandatory.
Please advise briefly. Its urgent sir.
14 April 2016
Right thing is..!!! if your gross receipts/Sales 's net profit or taxable income is more than 8% then no need to book of accounts audited and if below or less than 8% then required to audit but if calculate 8% on gross receipt is below taxable limit then also no need to book of account audited.
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