ऑडिट भी कराना होगा या नही अगर किसी व्यक्ति का टर्नओवर 40 लाख है और net income 8 percent से कम है,
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Audit y or n
Replies (9)
No Tax Audit
if T/o less hai limit se..to apko 8% profit dikhana padega...or else audit compulsory ho jayega.. to yes audit is required
Even his turnover is less than 1 crore.. He is subject to tax audit? If he shows income less than 8% or 6%
There is a amendment to this section...let me refer n get back to u...otherwise previously yes audit was compulsory in above case
Amendments in finance act 2016...upto 1 crore no tax audit if ur net profit is below than 8%...if u hv not opted presumptive taxation
but this is for business....the question raiser has not mentioned whether the t/o pertains to business or profession
I hv asked for business.. Mam plz tell me one more thing... If turnover is less than 1 crore and his income is less than BEL limit... Then also tax audit mandatory?? for earlier years
He is asking for 8%...and 8% concept only for business... As in case of professional i. e 50%..he may ask for business
@ divakar yes for earlier yrs it was mandatory....and for the amended part im still to refer...let me refer to it completely so dat i can answer ur questions w atmost clarity...
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