AUDIT

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2011 DEAR SIR
WHICH TIME IS COMPULSORY AUDIT IN BUSINESS
F.Y. 2010-2011 AND IN THIS YEAR COMPULSORY NET PROFIT DECLARE 8 % OTHERWISE AUDIT IS COMPULSORY I AM CONFUSING PLEASE ADVICE SEND ME

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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02 May 2011 Section 44AB specifies the threshold limit of turnover for Audit.
If the Sales, Turnover or Gross Receipt from business exceed Rs. 60 Lakhs; or the Gross Receipts from Profession exceed Rs. 15 Lakhs, them the assessee shall get his books of accounts audited u/s 44AB.

Further there is another section for presumptive taxation, i.e. Section 44AD which states that in case of business whose Turnover or Gross Receipts are less than Rs. 60 Lakhs, need not maintain books of accounts if they show the income from such business @ 8% in the Gross Turnover. However, if they want to show the profit below 8%, then they shall be required to maintain books of accounts and also get them audited u/s Section 44AB.

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