what is the reason of this type of errors as client is not liable for audit bcz turnover less than 1cr and profit less than 250000 (last yr return filled u/s 44ad)- error: you have claimed income less than 8% of gross turnover. please check ur computation and liability for audit if any u/s 44AB/ 44AD(5)
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Quick Summary
This discussion addresses a return filling defect where claimed income is less than 8% of gross turnover. It clarifies that audit requirements aren't solely based on turnover, but also on profit percentages (6-8% for business, 50% for profession). Even if turnover is below the threshold for mandatory audit, a minimum profit percentage must be declared. If profit is less than the specified percentage, an audit report might be required, or the income needs to be recomputed.