in ay 2015-16 if a prop"s firm have a turnover of rs. 85 lacs & earned profit 2.48 lacs,
is he liable to get tax audit ?
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Need for tax audit ?
Replies (2)
yes, you are liable for tax audit because net profit is less than 8%.
Tax audit will be thr if ur declared profit is less then 8% of sales or receipts (if u opted fot section 44AD.)
If u dont opt for sec 44ad , then u are not eligible for tax audit u/s 44AB because ur net income does nt exceed the limit prescribed in tht section
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