44AB Query
This query is : Resolved
Gourav Kapoor
(Querist)
01 June 2011
Assessee has business of manufacturing machines and also provide installation facility. His got Rs 41 Lacs as business receipts & Rs15.07 Lacs (cum service tax) as installation charges (total Rs 56.07 Lacs). Is he required to get his account audited?
02 June 2011
No tax audit is required as his gross receipts/turnover is less than 60 lakhs.
Praveen Sharma
(Expert)
02 June 2011
agree with expert.
Gourav Kapoor
(Querist)
02 June 2011
thanks all....
CA PARAS BAFNA
(Expert)
02 June 2011
But he has to get his accounts audited in case he shows Net Profit less than 8% of turnover.
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