Tax audit for a proprietor having two proprietory business
This query is : Resolved
20 September 2014
An individual has one manufacturing and one trading business. TO of Manufacturing 51Lac and NP 8.37Lac (16.41%) and TO of Trading business 23Lac but NP 1.39Lac (6.04%). Is he liable to get his accounts audited ?
21 September 2014
No he is not liable for tax audit. Total turnover is less than 1 crore and combined profit is more than 8% covered under 44AD.
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