Audit below 1 cores
This query is : Resolved
01 November 2016
Dear sir
one of my friend start business as sole trading company. Achieve more than 1 cores sale and audited . After that this sole trading company converted in to private company,enter business is through this company.For the last 2 year two company is running and now sole trading company turn over is less is round 30-40 lakhs .
In the above case audit is compensatory or not.
Kindly advise the same
Thanks&Regards
Binu
one of my friend start business as sole trading company. Achieve more than 1 cores sale and audited . After that this sole trading company converted in to private company,enter business is through this company.For the last 2 year two company is running and now sole trading company turn over is less is round 30-40 lakhs .
In the above case audit is compensatory or not.
Kindly advise the same
Thanks&Regards
Binu
01 November 2016
Sole trading concern turnover(combined turnover in case of more than one sole trader concern) is less than 1 crore audit not applicable.
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