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Income tax audit

21 September 2017

if i show income less than 8% in ITR 3 then do i need to get my accounts audited? ( i am not showing income on presumptive basis, i am maintaining proper books of accounts)

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3 Replies

Nair Manish Mani (Student) (141 Points)
Replied 21 September 2017

If you are maintaining Books of Accounts than u have to get audit those BOA from a Charatered Accountant

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Nair Manish Mani (Student) (141 Points)
Replied 21 September 2017

Refer sec 44AB - If turnover in PY exceeds 1 Crore you have to maintain and audit those books of Accounts

Zoheb (Accountant Manager) (158 Points)
Replied 21 September 2017

Dear Sir,

if your income is Profit is less than 8% or not does not determine wether you have to comply with audit complainces but according to section 44AB of Income Tax Act 1961 , if your turnover is exceeding Rs.2 Crore(amended ) then you have to do audit. otherwise not in case of person doing bussiness.