Hi..
Turnover is more than 1 crore but less than 2 crores. I am declaring profit more than 8 % . But filing p&l and balance sheet . Does it require audit..? Urgent reply needed
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Tax audit
Replies (3)
Yes, as you are not opting Sec.44AD.
| Originally posted by : CA RaviKumar | ||
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Hi..Turnover is more than 1 crore but less than 2 crores. I am declaring profit more than 8 % . But filing p&l and balance sheet . Does it require audit..? Urgent reply needed |  |
Yes Definitely... As per sec 44AB Tax Audit limit is Rs. 1.00 cr. Audit required in this case...
As per me there is no need for audit, You are iopting 44AD by way of showing 8% net profit. the problem is not with your side the problem is there with the income tax form because the form only is not having the option to fill BS and PL for those persons who is opting for 44 AD. If you are ready to fight incase of future problem go ahead with filing.
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