Comment on Tax loss harvesting

Laxmi.Reddy commented on 14 Sep 2016, 08:40 PM

Ohh,looks like I misunderstood.I got confused in words. Pls confirm Nithin
——-Turnover is below 1Cr and profit less than 8% of turnover,you need an audit———-
Here Profit less than 8% of Turnover means(which one is correct) –
1)Profit(4.10Lakhs) less than 8% of Turnover 1Cr i.e, 8 Lakhs?? So,my profit is less than 8 Lakhs,so I need audit
or
2)Profit(4.10Lakhs)less than 8% of Turnover(my f&o turnover which is 29L) i.e, 2.32Lakhs.Here its above 8%,so no audit,right??

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