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.
Menu
Tax audit report required
Replies (9)
Quick Summary
Whether you're opted for presumptive taxation??
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.
Thank you very much Lotus choudhary Sir
Your welcome 😊
If profit is 4.53% on Turnover then audit is required
If presumptive taxation is not opted, audit not required as turnover is less than 1 crore.
But I think presumptive taxation is opted in this case
Mr. naveen has to clarify now. whether he has opted for presumptive taxation?
Yes clarification is needed
Recent Topics :
- LTCG 112A and business loss
- FAST-DS 2026 applicability: foreign employee share
- NRI Property Sale in India: TDS Rates and Key Comp
- Clarification on September 2026 PF Calculation for
- DRC-03 interest paid under CGST/SGST instead of IG
- GSTR1 amendment Bulk bills
- Capital Gain on Sale of Gold
- GST SALES RETURN MISSING 2025-26 FY
- Enquiry on FAST-DS system generated email
- Capital gain on sale of agriculture land
Related Topics :
CAclubindia
