Tax audit if NPR less than 8%
This query is : Open
Simran Katyal
(Querist)
14 October 2016
My query is that, if a properietor does not get into Sec 44AD (presumtive income), but his Net Profit ratio is less than 8%, do he have to get his books audited as per income tax?
Thanks.
Murtaza I Bhagat
(Expert)
15 October 2016
For Below T.O less then 1 Crore audit should be done if net profit is less than 8% and if T.O is above 1 Crore then as said by anand sir,
Simran Katyal
(Querist)
17 October 2016
Thanks alot.
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