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AUDIT

This query is : Resolved 

DEAR SIR, IN CASE OF E COMMERCE BUSINESS, THE SALE & PURCHASE BILLS ARE RECORDED IN BOOKS BUT I HAVE NO ANY TYPE OF EXPENSES ARE BOOKED IN OUR BOOKS WHAT WE SHOULD AT THE TIME OF AUDITING BECAUSE PURCHASE & SALE ARE RELATED WITH SAME ITEMS & EXPENSE IS RELATED WITH ELECTRICAL EXP. RENT EXPENSE AND OTHER EXPENSE LIKE SALARY AND OTHER EXPENSE ARE PAID IN CASH MODE WHAT SHOULD WE DO OR HOW I BOOK AN OTHER EXPENSE


As per Section 44AB if your Gross Receipt during fY 2018-19 exceed Rs 2cr, Then Audit is compulsory.
First find out whether you are in Audit or not , To know this visit your CA.
Second if Audit is compulsory then section 40A(3) applicable, this section is related to expenditure made in cash.
as per 40A(3) any expenses made in cash exceed Rs 10000 such expenses disallowed
Request you to ask further details with your CA. He/she consult you in this regards in best possible way
hope I clear your issue at some extend

As per sec 44AB Tax Audit limit is 1cr. Not 2cr...

IN CASE NO ANY SUPPORTING DOCUMENT RELATED WITH EXPENSES BUT EXPENSE WAS BOOKED IN OUR BOOKS WHAT WE SHOULD DO ??????

expenses cannot booked without any supporting documents, same should not allowed as expenses. or you can make Bank Voucher , Cash voucher at the time of payment to party if bill not available for eg Traveling Charges, Cleaning Charges etc there are different expenses for which you can make supporting voucher only when bill not available.

THNX # KARIM SIR & Thanks for all to give me better suggestion


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