TAX Audit Requirement

Type - Private limited company
Turnover - 35 Lakhs
Net Profit - 1.2 Lakhs

required tax audit...?
Replies (4)
Quick Summary
This discussion clarifies whether a private limited company with a turnover of £35 Lakhs and a net profit of £1.2 Lakhs requires a tax audit. The consensus is no, as the turnover does not exceed the £1 Crore threshold stipulated by Section 44AB. It's also clarified that Section 44AD, concerning lower profit margins, applies to individuals, HUFs, and partnership firms, not LLPs or companies.

No as turnover does not cross the limit of Rs 1crore required by 44AB
What about lower than 8% profit
That is written in section 44AD which is applicable on individual HUF and Partnership Firm not to LLP or Company..
Okay...

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