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Limit for audit signature

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10 April 2012 If a partnership firm has turnover of Rs.70,00,000/-. Is aduit and auditor's signature necessary?

Thanks
swapna

10 April 2012 for FY 11-12 audit is required. for fy 12-13 audit is not required for Income Tax

10 April 2012 YES,TAX AUDIT U/S 44AB FOR ASSESSMENT YEAR 12-13 TURNOVER NOW 1 CRORE OR ABOVE.




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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