Net profit below 8 %

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AJAY GUPTA (Querist)
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26 February 2014 A proprietor ship firm having turnover 60 lacs and net profit below 8 %. Whether he is required to get his account audited. Pls suggest

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 February 2014 yes...if the income is in excess of the exempted limited ie if the taxable income is more than Rs 2 lakhs in case of non-senior assessee.

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