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Query on audit if profit less than 8% of turnover

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20 January 2015 assessee needs to get his accounts audited if his profits from business are lower than 8% of Turnover. This is true for trading concerns. What will be the case for professionals . Will this hold true that assessee needs to get his accounts audited if his profits from business are lower than 8% of gross receipts

CA NAVEEN SINGLA

CA NAVEEN SINGLA (Expert)
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21 January 2015 You are wrong In case of Trading Business(Retailers) Books require to be maintain where Profit is less than 5%
In case of Civil Construction Business Books require to be maintain where Profit is less than 8 %.
Please correct your concept.

Further Professionals are not covered u/s 44AD/44AE/44AF

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