A proprietorship business turnover is 90 lakhs in F.Y. 2016-17. Actual profit is 3.60 lakhs [4%] .Will it attract tax Audit or not.
A proprietorship business turnover is 90 lakhs in F.Y. 2016-17. Actual profit is 3.60 lakhs [4%] .Will it attract tax Audit or not.
Yes..........
Read: Section 44AB (d) of I T Act..........
(d) carrying on the Business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year
get his accounts of such previous year audited by an accountant
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