Turnover less then 1 crore and profite less then 8%

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NANDAN (Querist)
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08 June 2018 Dear sir/ madam, I am filing IT RETURNS for the first time and my business turnover is less then 1 crore and profite is less then 8%. Is it mandatory to file my returns U/S 44AB?

CA Ankit R Momaya

CA Ankit R Momaya (Expert)
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08 June 2018 You have to declare a minimum profits of 8%. In case you cannot declare the same, you are required to get your books of accounts audited.

RAJA P M

RAJA P M (Expert)
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08 June 2018 Yes... I agreed to Mr CA Ankit R Momaya... If You are Individual assessee and You ll shown Your profit less 8 percentage and it's also less BEL then no need Tax Audit as per sec 44ab... But, the Profit is above BEL and Less than 8 percentage then Tax Audit applicable...

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