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Tax Audit Requirement
Is it compulsory to do tax audit if my profit is less than 8% of turnover
Replies (7)
For businesses eligible under sec.44AD, if profit margin is below 6/8% of turnover, tax audit becomes mandatory.
44AD is optional i guess
Yes, but for profit margin the term is applied (as Deemed income).
If no 44AD then no %age condition. File ITR3. Turnover must be less than 1 CR
Tax audit is Mandatory if u profit is less than 8% .
If ITR 3 file, turnover less than 1 crore
can show profit less than 8%
can show profit less than 8%
Yes, but tax audit mandatory; u/s 44AB(e) of IT act.
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