Question ID :
40576
Audit Requirement
An asessee having Net profit less than 8%,Having Credit limit from Banks for more than 10 Lacs,Having Cash receipts more than 5 percentage,Having Cash payments more than 5% are required to get tax audit done irrespective of whether Turnover is up to 5 crores or more than 5 CroresTurnover . Am I correct ?
Posted by
Mahesh Kumar
on
Feb 22, 2020
Filed Under
AUDIT
Yes audit is mandatory.
Posted by
B.CHACKRAPANI WARRIER on
Feb 22, 2020
Answer ID :
80420
Yes. Audit is required
Posted by
SIVADAS CHETTOOR on
Feb 23, 2020
Answer ID :
80432
Yes. Correct.Audit is applicable in such cases.
Posted by
CA. chunauti dholakia on
Feb 26, 2020
Answer ID :
80433
YES. AUDIT IS NECESSARY
Posted by
CA. JAIN JAWAHAR LAL on
Feb 27, 2020