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