Audit applicability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 August 2013
sir, a builder /developer taking adv frm custumers, if its booking deposits, is around 71 lakhs, for f.y. 2012-13 and expenses and purchases is around 1cr. is he liable for audit? is there any clause reg applicability of tax audit if expenses for the f.y. 2012-13 is 1cr and abv.please reply me.
thank u
thank u
08 August 2013
Turnover has to be arrived and booked according to AS-7 (Accounting for construction contracts). If such turnover exceeds Rs. 1 crore 44AB applies. However, if such turnover is Rs.1 crore or less and profit is less than 8% then also tax audit provisions attracts.
There is no provision to determine tax audit on the basis of purchase turnover.
There is no provision to determine tax audit on the basis of purchase turnover.
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