audit for company less than 40 lakhs
This query is : Resolved
21 July 2009
is audit required for a company having a turnover of less than 40 lakhs. If not who can file the returns. A chartered accountant is necessary to file the returns. Kindly suggest me
CA.Varun Ranjan
(Expert)
21 July 2009
as per sec44 AB audit is not required,for filing no qualification is required
21 July 2009
all listed or unlisted companies whose total sales or turnover exceeded Rs 40 lakh. In the case of individuals, gross professional receipts should be over Rs 10 lakh.
If you not cover above said category than need professional\ Expert to file the return ( May be C A )
If you not cover above said category than need professional\ Expert to file the return ( May be C A )
21 July 2009
If the client is a private/public limited company statutory audit under companies act,1956 is mandatory irrespective of the turn over. Like wise if the turnover of the client ,irrespective of the status, is < Rs.40 Lakhs per annum audit u/s 44AB of the Income tax Act,1961 is not mandatory. In that situation the client himself can file the return ,if he so wish, without a chartered accountant/tax return preparer.
21 July 2009
statutory audit under companies act,1956 is mandatory
21 July 2009
agree with Mr. Warrier
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