44D

This query is : Open

ARVIND JAIN (Querist)
Follow

15 September 2009 Is audit compulsory for pre-primary school having only 8 children and gross receipt of only 8000/- per month in initial stage as break even point is at least two-three years.Similarly in case of newly established trader which starts generating profits after three four years.Advise.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

17 September 2009 No. Audit is not compulsory for all assessees. In case of a school if it is run and owned by an Individual/Firm at this level no audit is required. In case of Traders when Gross sales exceeds Rs 40.00 lacs then only audit is required.

ARVIND JAIN

ARVIND JAIN (Querist)
Follow

18 September 2009 AS per new Finance Bill for 2009, Even samll traders with T/o less than 40 lacs have to show 8% net taxable income of gross receipts otherwise audit. Please clarify, n that case audit would be compulsory for newly established firms who incur loss in initial stages to claim loss.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

George Innocent

Anoop

Arvind Sharma

JAYDEEP MITRA

ATUL MAKWANA

Subscribe Now

44D

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANT

Manager- Finance and Compliance

CA Final

Senior Executive

GST CONSULTANCY