Requirement of audit or not
This query is : Resolved
Vaibhav Jain
(Querist)
08 July 2018
A Proprietorship firm having business turnover less than 1 crore wants to show profit less than 8%/6%. Is he required to gets his accounts audited? If in this situation his turnover is between 1 crore to 2 crore than what happened?
CA R SEETHARAMAN
(Expert)
08 July 2018
Yes he's required to get tax audit if he has taxable income. More than 1 crore turnover tax audit applicable if not opting 44AD.
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