Net profit less than 8% of turnover
This query is : Resolved
Querist : Anonymous
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 ?
Gokul Sharma
(Expert)
05 September 2018
yes .......books of accounts needs to be audited
Nikhil Kaushik
(Expert)
05 September 2018
only if your income is above exempted limit.
Gokul Sharma
(Expert)
05 September 2018
sir if tax is not coming then why one go for less than 8 %........
Nikhil Kaushik
(Expert)
05 September 2018
that is the flaw in the section. it has been badly drafted.
Gokul Sharma
(Expert)
07 September 2018
yes sir .......you are right
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