Tax audit required or not
This query is : Resolved
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
(Expert)
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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