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Audit limit

dipak dutta (Sr. Accountant) (44 Points)

31 May 2016

If any Pvt Ltd. Co.'s trunover is below 100 lakh and profit percentage is below 8% for the A.Y. 2015-16, so is it mandatory for tax audit?

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10 Replies

CA Rohit Jain (Practice) (1865 Points)
Replied 31 May 2016

yes, it is mandatory

2 Like

lovely (Accountant) (20 Points)
Replied 31 May 2016

If the Assessee opts for declaring income lower than 8% then in that case the assessee shall have to keep and maintain books of accounts and get its accounts audited by a Chartered Accountant.

1 Like

AKASH KHETAN (PRACTICING CA) (37 Points)
Replied 31 May 2016

No tax audit is not mandatory.

as section 44 AB is not apply simultaneously section 44 AD is not applicable In case of company.

conclusion turnover below 1 crore no need of audit and minimum profit.

However company audit is mandatory.

1 Like

pushpendra singh bundela (sr. Accountant) (26 Points)
Replied 31 May 2016

If any (consultancy) partnership firm trunover is above 25 lakh and profit percentage is below 8% for the F.Y. 2015-16, so is it mandatory for tax audit?

CA PRAVEEN PACHALAG (CA ) (208 Points)
Replied 31 May 2016

Sec 44AD not applicable to Companies.

1 Like

CA Rohit Jain (Practice) (1865 Points)
Replied 31 May 2016

section 44AD is not applicable to service concerns. Hence if the gross receipts exceeds 25 lakhs, entity must get tax audit done by a CA

1 Like

Shyam C.Pujara (Student (C.A Final)) (177 Points)
Replied 06 June 2016

Originally posted by : AKASH KHETAN
	No tax audit is not mandatory.as section 44 AB is not apply simultaneously section 44 AD is not applicable In case of company.conclusion turnover below 1 crore no need of audit and minimum profit.However company audit is mandatory.