banner_ad

Turnover less than 1 crore & net profit less than 8

Others 3882 views 4 replies

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

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 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) 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details