Tax audit required or not

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Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2012 If an assesse has turnover of less than 60 lakhs and is declaring income of less than 8 percent so in that case whether Tax audit is required?

Amol S Joglekar

Amol S Joglekar (Expert)
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22 August 2012 The tax audit as is popularly called is as per 44AB. Now 44AD suggests that if your business falls under eligible business, and it is showing a profit which is less than 8 %, you need to get your accounts audited as is said under section 44AB.

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