Whether am i required to get books of accounts audited ?

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This query is : Resolved

Harsh (Querist)

02 April 2018 My total turnover of the business is Rs. 70 lacs and my net profit is around 5% to 6%.so whether i require to get my books of accounts audited?

CA Ashish Agrawal

CA Ashish Agrawal (Expert)

02 April 2018 Yes. In case you don't want to opt for Audit then you have to show net profit of min 8% (6% if the amounts are received in Bank) of your Turnover.

RAJA P M

RAJA P M (Expert)

02 April 2018 What is Your nature of Business entity...? Are You individual or any other?

Harsh

Harsh (Querist)

03 April 2018 Yes.. I have individual PAN

Harsh

Harsh (Querist)

03 April 2018 But Tax Audit limit is Rs. 100 LACS... Then how am I eligible to get audit of my books of accounts?

RAJA P M

RAJA P M (Expert)

03 April 2018 If You are individual and You will show your profit less than 8% and also it's less than Basic exemption limit then No need Tax Audit...

Harsh

Harsh (Querist)

03 April 2018 Sir, my question is, I am individual and my turnover is Rs. 70 lacs and my profit would be around 5%. Then under which section am I eligible to get my books of accounts audited?
THIS IS URGENT.... PLEASE HELP ME

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