Query on audit if profit less than 8% of turnover
This query is : Resolved
Guest
Guest
(Querist)
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
(Expert)
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
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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