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Tax audit report required

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629 Points Posted on 04 May 2021
Dear Sir,

Annual sale 59 Lac's. Gross profit 8% and net profit 4.53% So can we need for tax audit or file the return directly.
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On 04 May 2021 at 07:32 Report
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Chartered Accountant
24588 Points Posted on 04 May 2021
Whether you're opted for presumptive taxation??
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On 04 May 2021 at 10:04
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Practice
1361 Points Posted on 04 May 2021
If u want to show 4.53% profit then no audit required but have to prepare balance sheet and profit and loss. or if u show 8% net profit and opt for 44AD then u can directly file the return. audit not required in both of ur case.
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On 04 May 2021 at 19:37
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629 Points Posted on 04 May 2021
Thank you very much Lotus choudhary Sir
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On 04 May 2021 at 19:44
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Practice
1361 Points Posted on 04 May 2021
Your welcome 😊
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On 04 May 2021 at 19:54
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Chartered Accountant
24588 Points Posted on 04 May 2021
If profit is 4.53% on Turnover then audit is required
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On 04 May 2021 at 22:09
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Practice
1361 Points Posted on 04 May 2021
If presumptive taxation is not opted, audit not required as turnover is less than 1 crore.
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On 04 May 2021 at 22:16
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Chartered Accountant
24588 Points Posted on 05 May 2021
But I think presumptive taxation is opted in this case
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On 05 May 2021 at 09:56
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Practice
1361 Points Posted on 05 May 2021
Mr. naveen has to clarify now. whether he has opted for presumptive taxation?
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On 05 May 2021 at 10:01
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Chartered Accountant
24588 Points Posted on 05 May 2021
Yes clarification is needed
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On 05 May 2021 at 10:43


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