Audit liability
This query is : Resolved
24 February 2012
Dear sir,
In case of a propriership firm's turnover in FY 2010-11 is RS. 15 lacs and the net profit is around 35000/- only.
Do I have to get my accounts audited before filing return or I can file return without audit.
In case of a propriership firm's turnover in FY 2010-11 is RS. 15 lacs and the net profit is around 35000/- only.
Do I have to get my accounts audited before filing return or I can file return without audit.
24 February 2012
The audit necessity depends on the turnover of the firm. Assuming the firms is into business, there is no requirement of audit as the limit is Rs.60 lacs. In case it is a professional firm also audit is not necessary as the turnover is only Rs.15 lacs. The Turnover has to EXCEED Rs.15 lacs to be liable for audit.
24 February 2012
the net profit ratio of the firm is only 2.33%, as compared to 8%. hence the firm is required to get tax audited.
24 February 2012
however, the net profit is below the threshold limit of Rs. 160000/-
24 February 2012
Ya correct, not required to get books audited if net income is below taxable limit, even if Net profit ratio is less than 8%.
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