Please see illestration
1. Turnover for P.Y. 2016-17 is Rs. 90,00,000.00, and net profit for the year amounts to Rs. 4,50,000.00 and all the books as per sec 44AA are maintained will there be requirement to get the Accounts audited?
2. Turnover for P.Y. 2016-17 is Rs. 90,00,000.00, and net profit for the year amounts to Rs. 1,60,000.00 and all the books as per sec 44AA are maintained will there be requirement to get the Accounts audited?
answer
In both case you have to get audited your accounts as income is less than 8% of receipts.
You have to take gross total income equal to 8% if you dont want to get audited ur a/c. You can also go for 160000 but for that u have to get ur accounts audited
CAclubindia
