Net sales = 65 Lakh
Profit = only 2.5% of net sales
Tax audit Required or Not ???
Menu
Turnover less than 1 crore & net profit less than 8
Replies (4)
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.
If you declared profit equal to or more than 8%, then no need to get your books audited.
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
Yes audit is required as profit is less than 8%
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)
Recent Threads
- Updated Return _ Deduction
- Turf Club Veterinary Department. Procurement Manua
- I have wrongly shown itc in reclaimable itc inste
- Help reqd in getting Professional Tax challan
- New form 139 as per Tax Act 2025
- In GST maintain invoices or bill in excel instead
- How to paid income tax in block return in itrb
- RCM Applicable for Man Power Supply (URD) to Regis
- Guidance Required for CA Final Group 2
- Income tax challan in block itrb
Related Threads
CAclubindia
