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.
9 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 04 May 2021
Whether you're opted for presumptive taxation??
Lotus Agrawal
(Practice)
(1361 Points)
Replied 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.
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 04 May 2021
If profit is 4.53% on Turnover then audit is required
Lotus Agrawal
(Practice)
(1361 Points)
Replied 04 May 2021
If presumptive taxation is not opted, audit not required as turnover is less than 1 crore.
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 05 May 2021
But I think presumptive taxation is opted in this case
Lotus Agrawal
(Practice)
(1361 Points)
Replied 05 May 2021
Mr. naveen has to clarify now. whether he has opted for presumptive taxation?
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 05 May 2021
Yes clarification is needed
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