HELLO FRIENDS, IF MY CLIENT IS DOING RETAIL BUSINESS BUT HE MAINTAINS BOOKS AND HE DOES NOT OPT FOR SEC 44AF
HIS SALES ARE RS 500000 CAN HE HAS TO SHOW TO SHOW NET PROFIT MORE THAN 5%
IF HE HAS SHOWN LESS THAN 5% IS AUDIT COMPULSORY?
PLS GUIDE ME.
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If he maintains his books of accounts properly and claims that his profit from business is less than 5 % of turnover ;then in this case he must have to go for audit of his Accounts though the turnover doesn't exceed Rs.40,00,000.
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