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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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
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