Tax audit is required
This query is : Resolved
10 February 2014
dealer of Colour co. & total purchase/sales exceeds 90 lacs expected till Mar'14 so my question is he wil liable for Tax Audit ? (Limit is 1CR??) on CA said that Tax Audit is complusary if he show profit less than 7.20 Lacs (less than 8%).
10 February 2014
yes...if the turnover is less than 1 cr and you wnat to show profit at less than 8%, then audit is required. please refer to section 44AD
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