Whether tax audit is applicable or not? pls clarify.

This query is : Resolved

PRABU K (Querist)
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22 July 2017 Dear Experts,

Greetings.

I am a Salaried Employee, got salary per month around Rs.1 lakh. Further My company said, to start a business in My Name for small projects for the FY 2016-17.
In that FY 2016-17, Company sent the goods to My office Address and I forwarded to Client. In these Transactions are very low level Margins. I Purchased from Supplier (Salary Provide Company) Rs.20,22,215/- CST 2% of Rs. 40,444/-. Further I sold the Goods to client Rs.2034319 + CST @ 2% Rs.40,686/-.

This is I have done for last year. Kindly suggest, If I not declare minimum profit of 8%, Whether Tax Audit is Applicable or Not? Already I got the Salary and reached the Basic Exemption Limit.

Kindly suggest your valuable reply.

RAJA P M

RAJA P M (Expert)
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22 July 2017 If you are run Proprietor business you don't get tax audit. But, you can maintain books of accounts

CA PRAVEEN PACHALAG

CA PRAVEEN PACHALAG (Expert)
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22 July 2017 declare 8% net profit on sale and file itr 4. no need for audit.

PRABU K

PRABU K (Querist)
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22 July 2017 Dear Sir, Thanks for you prompt reply.
If I add Net Profit of 8% on Sales, My tax liability goes higher. How can I reduce the Tax Liability?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 October 2021 By declaring the income with tax audit report.

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Whether tax audit is applicable or not? pls clarify.

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