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Tax audit 8% issue

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Querist : Anonymous

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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
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RAJA P M

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RAJA P M (Expert)
21 September 2017 No need... Tax Audit not applicable...
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
21 September 2017 Tax audit will not be applicable as income is below taxable limit.
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Querist : Anonymous

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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
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
21 September 2017 Yes, need to prepare balance sheet and P& L but no need to attach with ITR .
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RAJA P M

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RAJA P M (Expert)
21 September 2017 Yes. You can prepare BS and PandL account. Also file U/s 44AA
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