Tax audit
This query is : Resolved
14 April 2014
i have some confusion regarding following matter because as I have discussed the matter with different people , their views are different -
Some people say ( including practicing c.a and advocates) that if I am maintaining proper books of account and my turnover is less that audit limit, I do not need audit even if my net profit is less than 8%, Is it right?
Some people say ( including practicing c.a and advocates) that if I am maintaining proper books of account and my turnover is less that audit limit, I do not need audit even if my net profit is less than 8%, Is it right?
14 April 2014
This is partly correct that you need not to audit
but u/s 44AD if you want to claim net profit below than 8% you need to maintain proper books of account and get your accounts audited.
but u/s 44AD if you want to claim net profit below than 8% you need to maintain proper books of account and get your accounts audited.
14 April 2014
Sir , my question is do I need audit if my sale is 80 lac and net profit is less than 8% and I am maintaining proper books
14 April 2014
yes , as per Section 44AD if you claim your Net profit is below 8% of Turnover. you need to be get your accounts audited.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Selecting Tax Regime while for calculating tax relief on under Section89 of income tax act 1961.
- Relief Calculation u/s 89 of ITax 1961 in TableA Form10E
- Cloud service
- Credit note Issue reg
- Sale of Gold ornaments
- Conversion of Pvt Ltd Company to a LLP
- Applicability of RCM on Frieght Inward supplies received from un-registered person
- GST on Fresh Juice Center(Sugarcane)
- SECTION 194T
- Running non ac bus under contract with roadways
- Expenses add back in profit
- Forgot to update debit note in gst
- B2B Amendment
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- Regarding Advance Tax not claimed in the Return of Income for A.Y. 2025-26
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
