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Audit limit
If the Assessee opts for declaring income lower than 8% then in that case the assessee shall have to keep and maintain books of accounts and get its accounts audited by a Chartered Accountant.
No tax audit is not mandatory.
as section 44 AB is not apply simultaneously section 44 AD is not applicable In case of company.
conclusion turnover below 1 crore no need of audit and minimum profit.
However company audit is mandatory.
If any (consultancy) partnership firm trunover is above 25 lakh and profit percentage is below 8% for the F.Y. 2015-16, so is it mandatory for tax audit?
Sec 44AD not applicable to Companies.
| Originally posted by : AKASH KHETAN | ||
 |
No tax audit is not mandatory.as section 44 AB is not apply simultaneously section 44 AD is not applicable In case of company.conclusion turnover below 1 crore no need of audit and minimum profit.However company audit is mandatory. |  |
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