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Turnover less than 1 crore & net profit less than 8

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1 Points Posted on 22 July 2021

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

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On 22 July 2021 at 22:39 Report
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Chartered Accountant
86505 Points Posted on 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.
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On 22 July 2021 at 22:50
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Practising CA
8954 Points Posted on 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
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On 23 July 2021 at 01:34
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Chartered Accountant
24588 Points Posted on 23 July 2021
Yes audit is required as profit is less than 8%
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On 23 July 2021 at 05:48
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accounts manager
29 Points Posted on 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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On 14 September 2021 at 21:01


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