Question ID : 40794

Tax Audit for a cooperative Society

A cooperative Society having turnover less tha Rs 1 crore dealing in Milk,Fertilizers,Karyana Goods has not been allotted to any Chartered Accountant for Tax audit by Department of Cooperation. Its Turnover is slightly less than 1 Crore and Net profit as per Balance Sheet is less than 8% of Turnover which becomes Nil after availing deuction under Sec 80 P Whether Tax Audit will apply to this Society

No, tax audit will not apply as turnover is less than 1 crore and sec 44AD does not applies on cooperative societies.