PLEASE LET ME KNOW THE TOTAL SALES DURING THE YEAR IS ABOUT TO MORE OR LESS 3 LAC AND AFTER GIVING REMUNERATION IT COMES RS 3080,THEN AUDIT IS COMPULSORY OR NOT?PLEASE CONFIRM
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COMPULSORY OF AUDIT IN CASE OF TURNOVER IS LESS THAN 3 LAC AND NP COMES 3085
Replies (2)
Quick Summary
Yes Audit is compulsory.
As per Sec 44AD, if the Net Profit is less than 6/8% then the person must get it audited by CA.
In your case the profit is almost 1% hence <6/8%.
As per Sec 44AD, if the Net Profit is less than 6/8% then the person must get it audited by CA.
In your case the profit is almost 1% hence <6/8%.
6 & 8 Percent clause applicable only if u have opted 44AD in last 5 PY & total Income exceed amount not chargeable to Tax
both the condition to be Fulfilled to attract Tax audit liability
both the condition to be Fulfilled to attract Tax audit liability
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