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Audit Applicable or not?

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(Querist)
19 March 2009 R/sir,
One is engaged in construction of buildings & he recd. rs 65,20,000/- during year as adv. from customers. During the year there is no sale. Is audit is applicable or not?
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
19 March 2009 If this is advance there is no audit required under income tax act. However if you client is a Company (pvt. ltd or ltd.), you need audit every year as per Company Act.
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
19 March 2009 Depends upon the method of accounting followed by the assessee.
If it is cash, then yes.
If it is accrual, then no.
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