Hi,
I have a doubt that if i show profit less than 8 percent of sales and my sales are say Rs.90,00,000.00, do i need to get my books of accounts audited.
Note : If i choose to file ITR - 3 or ITR - 5
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Applicability of tax audit
Replies (3)
Your accounts book has to be audited under any circumstances...
If your realization is through bank accounts, then you can show 6% also. But to show lower %, you have to get it audited.
NO, you dont have to get your accounts audited if turnover is less than 1 crore.
If your entity is a firm or llp then you have to file ITR 5 , otherwise if it is a sole proprietorship then ITR 3
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