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Limit for audit signature (Income Tax)

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This query is : Resolved



( Author )
10 April 2012

If a partnership firm has turnover of Rs.70,00,000/-. Is aduit and auditor's signature necessary?

Thanks
swapna


CA CS Pawan Jajoo

( Expert )
10 April 2012

for FY 11-12 audit is required. for fy 12-13 audit is not required for Income Tax


CA PRAVEEN SINGH

( Expert )
10 April 2012

YES,TAX AUDIT U/S 44AB FOR ASSESSMENT YEAR 12-13 TURNOVER NOW 1 CRORE OR ABOVE.


CA Kishore Tallam

( Expert )
10 April 2012

Small correction. The limit of turnover of Rs. 1 crore for mandatory tax audit is from AY 2013-14. Hence even for AY 2012-13 also, turnover limit is Rs. 60 lacs. Hence, tax audit in this case is mandatory.


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