Audit u/s 44ab

This query is : Resolved

Naresh Kumar (Querist)
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05 September 2011 I Want to know if

purchase is Rs.62 Lakhs
Sale is Rs. 42 Lakhs
Net Profit is Rs. 10 Lakhs

Then Whether Audit u/s 44 AB is required
The Case is For Prop.Firm

Give Full Explanation

sadashiv Rupchand Gaikwad

sadashiv Rupchand Gaikwad (Expert)
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05 September 2011 Gross turnover is not more than 60 Lacs hence need not to make audit.Net profit is not criteria for tax audit.Gross turnover limit is the main terms for tax audit. Sadashiv Rupchand Gaikwad Tax Experts Nashik

sharma.ctc@gmail.com

sharma.ctc@gmail.com (Expert)
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05 September 2011 Agree with Expert.

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)
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06 September 2011 Further clarify following:

Since turnover was less than 60 Lacs & income showing more than 8% of the turnover, hence there is no requirement for audit us/s 44ab.