Is Tax Audit is compulsary though regular books of accounts are kept but net profit is less than 8% of turnover ?
Is Tax Audit is compulsary though regular books of accounts are kept but net profit is less than 8% of turnover ?
Practically Yes, get the books audited if net profit is less than 8% of turnover.
Accounts are required to be audited if your income is less than 8% of Turnover and your want to pay tax on your actual income.
However you may pay tax on income presumed at 8% of Turnover without getting your accounts audited.
Tax audit is compulsory if you want to show your net income at less than 8% of the total turnover even though proper books are maintained. Ofcourse, tax audit is compulsory if your total turnover exceeds 1 crore during the previous year
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
CAclubindia
