Client has gross turnover of 3.25 Crores in F.Y.2020-21
The client fulfills the criteria of not more than 5% of cash receipts and 5% of cash payments during the financial year 2020-21.
The client wants to declare the profit less than 8%. Can he declare the profit less than 8%.
If no, then whether tax audit would be required to done and under which section.
Please guide
Yes, provided the sub-sec 44AD(4) not applicable to it.
Irony is the system will not accept the ITR without tax audit. Minimum 6% on 95% of TO & 8% on remaining 5% TO needed for its acceptance.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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CAclubindia
