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Below 8% net profit but turnover not exceed 1 crore
My clint had net profit % below 8/6% but turnover not exceed 1crore whether it is required to do audit.
Replies (10)
Ya you can go for auditing.
Whether it is required to do audit...?
- No. If turn over not exceeding 1cr then Tax Audit not applicable...
But, Filing required u/s 44AA with BOA.
- No. If turn over not exceeding 1cr then Tax Audit not applicable...
But, Filing required u/s 44AA with BOA.
If your profit less then 6% or 8% (of Turn Over) as the case maybe you must audit your accounts.
As per above :
No need if file with BOA...
If without BOA then Tax audit applicable
No need if file with BOA...
If without BOA then Tax audit applicable
What is BOA...........
1. The only criteria for carrying out tax audit u/s 44AB is only when the T.O or the gross receipts of the firm exceeds Rs. 1 crore during the year. If not then there is no need to carry out a tax audit.
2. Hence, in your case irrespective of your profit % if T.O or gross profit does not exceed Rs. 1 crore, tax audit u/s 44AB will not be applicable.
Please correct me if the above solution has an alternative view.
@ itefiling.accfin @ gmail.com
BOA - Books Of Accounts - if filed u/s 44aa then no need to Tax Audit if profit less than 8/6 percent
BOA - Books Of Accounts - if filed u/s 44aa then no need to Tax Audit if profit less than 8/6 percent
YES.. PLEASE READ SEC. 44AB(e)
LLP are providing services other than professional services and gross receipt is 27 lac and profit is 2.5% in such case audit is mandatory or not?
No audit is required as advised by Mr. Raja.
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