Hi,
I have a doubt that if i show profit less than 8 percent of sales and my sales are say Rs.90,00,000.00, do i need to get my books of accounts audited.
Note : If i choose to file ITR - 3 or ITR - 5
Menu
Applicability of tax audit
Replies (3)
Your accounts book has to be audited under any circumstances...
If your realization is through bank accounts, then you can show 6% also. But to show lower %, you have to get it audited.
NO, you dont have to get your accounts audited if turnover is less than 1 crore.
If your entity is a firm or llp then you have to file ITR 5 , otherwise if it is a sole proprietorship then ITR 3
Recent Threads
- How does employee management software help in stat
- Clarification Required – Section 18 of Wage
- How to split freelance project income with a frien
- 194a for A y 2024-25
- Compensation & Benefits
- SAC code and GST rate transport services for anima
- Section 44AB is Gone — How Different is Tax
- Capital Gains from Cancelled Residential Project
- Import of goods data in IMS
- GSTr 9 24-25
Related Threads
CAclubindia
