19 February 2017
For FY 2015-16
Turnover - 63 lacs
Profit claimed - 4.8 lacs
ITR filed
Audit not carried out
Is this the right treatment? Is he liable to get his accounts audited?
Now the assessee wants to get his books of accounts certified from a CA in order to submit the same to the band so as to apply for a CC loan.
kindly guide in this matter.
Regards
19 February 2017
It is a right treatment and not liable for tax audit. For the purpose of bank loan CA can certify the profit as per books of accounts no problem.
19 February 2017
"Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee who claims that his profits and gains from the eligible business are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB."
Isnt it covered under the above mentioned section 44AD(5)??
20 February 2017
My dilemma is whether a CA should certify such books of accounts which has not been audited yet and requires to be audited. Does certifying such accounts whch are not audited yet is the right treatment? kindly guide.