Requirement of audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 September 2017
Hello,
I am confused for audit requirement , if books of accounts are maintaned and all amounts of balance sheet is shown in ITR. There is turnover less than Rs. 1 crore and the net profit shown in P& l is less than 8% of turnover.
Is there audit requirement in case books of accounts are maintained and net profit is either less or more than 8 %.
I am confused for audit requirement , if books of accounts are maintaned and all amounts of balance sheet is shown in ITR. There is turnover less than Rs. 1 crore and the net profit shown in P& l is less than 8% of turnover.
Is there audit requirement in case books of accounts are maintained and net profit is either less or more than 8 %.
04 September 2017
As per rule Tax Audit not required.
In case the AO can't satisfied he ll ask the details. If you have all details with books of accounts don't worry. You ll be submit...
But, advisable from any auditor they ll be says "File 8% profit...!". Bcoz, then we ll be continue our works as peaceful...
In case the AO can't satisfied he ll ask the details. If you have all details with books of accounts don't worry. You ll be submit...
But, advisable from any auditor they ll be says "File 8% profit...!". Bcoz, then we ll be continue our works as peaceful...
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