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narendra surjiya   22 July 2021

Turnover less than 1 crore & net profit less than 8

Net sales = 65 Lakh
Profit = only 2.5% of net sales
Tax audit Required or Not ???

 4 Replies

CA Rashmi Gandhi

CA Rashmi Gandhi (Chartered Accountant)     22 July 2021

Required to get audit as profit is below 8%.

If you declared profit equal to or more than 8%, then no need to get your books audited.
Raj C Doshi

Raj C Doshi (Practising CA)     23 July 2021

If the total income does not exceed basic exemption limit, then tax audit is not required even if profit is less than minimum presumptive profit

Sourav (Student)     23 July 2021

Yes audit is required as profit is less than 8%
Lalit Singh

Lalit Singh (accounts manager)     14 September 2021

If previous years you declare  your income in sec 44AD then tax audit required. Otherwise no need to be tax audit after fiance act 2016.

See rule sec 44ad (4/5) 

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