Audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 December 2014 i filing ITR and banks asking account audited are no and How toknow audited are no iam running a electronic business and trading online sole propriter

CA NAVEEN SINGLA

CA NAVEEN SINGLA (Expert)
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23 December 2014 Sir,

you are running a Prop. /Partnership firm or a Co????

nature of Business???

Ketan Shah

Ketan Shah (Expert)
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23 December 2014 In case of audited accounts your auditor will provide you audit report and financials certified by him and you.

CA NAVEEN SINGLA

CA NAVEEN SINGLA (Expert)
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23 December 2014 If your Gross turnover in the f.y 2013-14 has exceeded Rs. 1 Crore than you require tax Audit otherwise not.

Further Have you taken Loans from Banks.

If you have taken loans from banks and your Tunover is less than 1 Crores Rs. than also you should make the Audit of Bal Sheet from a CA doing practice.

Rupesh Jain

Rupesh Jain (Expert)
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23 December 2014 if you turnover during the year exceeds rs. 100 lacs then you have to get audit report from the CA u/s 44AB. or you are trader then you are filing return with net profit below @8% u/s 44AD of the sales then you have to get the audit report otherwise not required.

CA NAVEEN SINGLA

CA NAVEEN SINGLA (Expert)
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23 December 2014 Rupesh Sir,

I would add on
As per my vier Retails are covered under Section 44AF.
Case-I
If you are retail Trader and having Profit exceeding or equal to 5% -No Tax Audit irrespective of your Turnover exceeding Rs. 100 Lacs as you are covered u/s 44AF.

Case-II
If you are retail Trader and having Profit less than 5% - Tax Audit u/s 44AB.