Tax audit 8% issue
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2017
Dear Experts,
We are proprietary concern firm in FY our turnover is 22 Lacs However NP is below 8% also the income is not chargeable to tax i.e. below 2.5 Lacs,
Pls let me whether tax audit will be applicable or not
Thanks
Rohit
We are proprietary concern firm in FY our turnover is 22 Lacs However NP is below 8% also the income is not chargeable to tax i.e. below 2.5 Lacs,
Pls let me whether tax audit will be applicable or not
Thanks
Rohit
21 September 2017
Tax audit will not be applicable as income is below taxable limit.
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2017
OK? Sir since audit is not applicable whether we have to file balance sheet & profit & loss accounts while filing return
21 September 2017
Yes, need to prepare balance sheet and P& L but no need to attach with ITR .
21 September 2017
Yes. You can prepare BS and PandL account. Also file U/s 44AA
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