Audit applicability considering Limit of 10 Crore
This query is : Resolved
jayesh khokhariya
(Querist)
26 June 2023
Assesses having turnover of 5.37 crore(Partnership Firm) and all transaction are within 5% limit than also he require to maintain books of account as per section 44AA and need to do compulsory audit U/s 44AB. Assesses has not opted 44AD in any earlier year
Dhirajlal Rambhia
(Expert)
26 June 2023
The books of accounts are required to be maintained, but when expenses as well as receipts by cash mode are within 5% range, tax audit u/s. 44AB IT act, is not mandatory till business turnover is of 10 Crs.
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