Net profit below 8%
This query is : Resolved
19 October 2013
if turnover rs 60 lacs than audit is compulsory in assessment year 2013-14 and net profit of rs 167000
CA Pallav Singhania
(Expert)
19 October 2013
Tax Audit is mandatory if the turnover exceeds the prescribed limit 1 crore for the A.Y 13-14..
However,if the turnover is less than the limit then profit have to show at least 8 percent or higher under Sec 44AD...
If the assessee wants to show profit less than 8 percent then it can be done thru Sec 44AB i.e Tax Audit...
However,if the turnover is less than the limit then profit have to show at least 8 percent or higher under Sec 44AD...
If the assessee wants to show profit less than 8 percent then it can be done thru Sec 44AB i.e Tax Audit...
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