Income tax

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12 Points Posted on 16 November 2020

If my turnover for any financial year is 60 lakhs and my net profit % is less than 8% then do I have to compulsorily  get my books audited ??

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On 16 November 2020 at 08:25 Report
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Quick Summary
This discussion clarifies the rules around mandatory income tax audits for businesses. Generally, an audit is required if your gross receipts exceed £1 crore. However, if your net profit is less than 8% of your turnover, you may still need to maintain books of accounts and get them audited, even if your turnover is below the £1 crore threshold. Filing ITR 3 is an option in such cases.

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study
52 Points Posted on 16 November 2020
Your books can be audited when ur gross receipts of ur business crosses 1cr....
Come to ur question, irrespective of percentage of net profit if ur gross receipts exceeds 1cr you must audit ůr BOA.
For the best of my knowledge I said NO...
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On 16 November 2020 at 08:47
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Accountant
3662 Points Posted on 16 November 2020
No.....

You can file ITR 3
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On 16 November 2020 at 08:49
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209 Points Posted on 16 November 2020
Yes for sec 44AD if you show profit less than 8% then it is mandatory to maintain books of accounts and get the books audited ..
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On 16 November 2020 at 12:53
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12244 Points Posted on 17 November 2020
No... not required to audit your books
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On 17 November 2020 at 02:30

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