Audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 August 2011 Op.stock Rs. 255000.00
Purchase Rs. 4681113.00
Sales Rs. 4661784.00
Cl.Stock Rs. 594750.00

my gross profit is rs. 61537 & net profit is Rs. 247334/-

do i need to do books of account audited ?

if yes in which section any procedure ?

if no in which section any exemption ?

thanks

pls reply me fast

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
Follow

14 August 2011 Yes, you have to do it. As you are not following the provisions of 44AD.

So you have to get them audited u/s 44AB by a Chartered Accountant.

Another option for you is to pay tax on NP of 373000(appx) and get yourself relieved from audit.

Querist : Anonymous

Querist : Anonymous (Querist)

14 August 2011 you means mam,

Rs. 373000/- net profit means before deduction of chapter VIA

Rs. 373000/-
less VIA Rs. 115000/-
Net taxable Income Rs. 258000/-

I.tax payable near Rs. 10,000/-
right ?

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
Follow

14 August 2011 Firstly i am Sir and not Madam.

Secondly yes thats what i mean to say. If you do so and pay Rs. 10000 appx as taxes then no need to get your accounts audited.

Querist : Anonymous

Querist : Anonymous (Querist)

14 August 2011 sorry sir,
thanks for reply i got it,

if i do audit u/s 44 AD then where i need to submit that audit report ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

14 August 2011 If you get an Audit Report, you have to submit the relevant information in ITR 4 on the basis of the Audit Report. You need not to submit Physical Audit Report unless you
are asked by the AO.

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