Net profit below 8 %
This query is : Resolved
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
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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