While preparing the Tax Audit Report of one of our clients, we are confused as to whether our client is required to maintain books as mandated u/s 44aa of IT Act.
Our client is a trading cum manufacturing firm, whose turnover exceeds Rs. 1 Crores and its turnover for previous year was around 1.32 crores.
18 July 2015
Ok. Thank you for the kind reply. The confusion is not regarding conducting the Tax Audit, but the maintenance of books as mentioned in sec 44aa. Do you think our client is covered u/s 44aa?
Come on. The requirement for maintenance of books triggers at a much lower turnover. So isn't it obvious that if audit is applicable, books have to be maintained anyways! otherwise, what will you audit?
CAclubindia
