Proft below 8% of turnover of 50 lakhs

Taxation
1

Hello , please help me out, trading turnover is showing 40 lakhs, and my profit is 1.2 lakhs , apart this i have salary income of 80000

so audit is required or not as profit is falling below 8% of turnover, waiting for early response as 31st July is approaching near.

thank you.

1 Like
2

Yes you need an audit.
But to prevent audit just show 6% of your turnover that is 240000 as profit .

1 Like
3

Is the turnover Equity then , it can be under Capital Gains , so there wont be Audit and if under F & O check the working of turnover for Audit again. You need to have 6% of turnover to avoid Audit.