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Net profit less than 8% of turnover

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 September 2018 In case if any trader or manufacturer having income Less than 1 crore and shows profits less than 8% of Total turnover, Will be needed his accounts audited due to less profit shown ?

05 September 2018 yes .......books of accounts needs to be audited

05 September 2018 only if your income is above exempted limit.

05 September 2018 sir if tax is not coming then why one go for less than 8 %........

05 September 2018 that is the flaw in the section. it has been badly drafted.

07 September 2018 yes sir .......you are right


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