banner_ad

Audit liability

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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.
Profile Image

Krishna Mohan

Profile Image

Krishna Mohan (Expert)
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.
Profile Image

anurag

Profile Image

anurag (Expert)
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.
Profile Image

VIVEK SINGH

Profile Image

VIVEK SINGH (Querist)
24 February 2012 however, the net profit is below the threshold limit of Rs. 160000/-
Profile Image

anurag

Profile Image

anurag (Expert)
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%.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
11 May 2026
CA Dropout

Patron Accounting LLP

Pune

CA Inter

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details