Tax audit 8% issue

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2017 Dear Experts,
In FY 2016-17 our turnover is below 1 crore also the NP is below 8%

Pls clarify whether Tax audit will be applicable or not,
I have heard that from FY 2016-17 this issue of 8% is irrelevant in respect of tax audit?

Thanks
Mukesh

Amol S Joglekar

Amol S Joglekar (Expert)
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14 September 2017 Notwithstanding anything contained in any provisions of this section, an eligible assessee to whom the provisions of this section are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2017 Sir pls clarify considering the proprietary concern if turnover is below 1 crore also the Net profit is below 8% however the income is also chargeable to tax in this scenario in FY will tax audit u/s 44AB be applicable

Dibin Divyakumar

Dibin Divyakumar (Expert)
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14 September 2017 If you want to declare income below 8%, then Tax audit u/s 44AB is applicable.

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