Audit Applicable or not?
This query is : Resolved
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?
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?
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.
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.
If it is cash, then yes.
If it is accrual, then no.
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