Audit

This query is : Resolved

Mohan (Querist)
Follow

30 July 2011 The profit in proprietary concern is about 0.80%, is it mandatory to get the book of accounts audited by a CA. (may be Section 44ab)

The total turnover (net of sales) = 18,35000.00
Profit = 15000.00

15000/1835000 = 0.81%

please help.

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
Follow

30 July 2011 No need of compulsory audit as the profit is less below the maximum amount not chargeable to tax.

Mohan

Mohan (Querist)
Follow

30 July 2011 i was told that if the book profit is less than 8% of the total sales / receipts, than it is lialbe for audit by CA.

can in file ITR-IV without CA's signautre?

Message likes : 1 times