Is Tax Audit compulsory if the business profit exceeds 8% of the total turnover/gross receipt provided that the turnover is less than Rs. 60 lacs?
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Section 44AD
Replies (5)
if profit is more tha 8% and turnover is less than 60 lakh than no audit is compulsory
But if business profit is less than 8% and even though turnover is less than Rs. 60 lacs then whether tax audit is compulsory
| Originally posted by : Hitesh Agarwal | ||
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But if business profit is less than 8% and even though turnover is less than Rs. 60 lacs then whether tax audit is compulsory |
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YES IN THIS CASE AUDIT IS COMPULSORY
| Originally posted by : future ca | ||
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if profit is more tha 8% and turnover is less than 60 lakh than no audit is compulsory |
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