audit liability as per sec 44ab

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Ankit Kumar Agrawal (Querist)
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23 July 2011 a person engaged in business of consignment agent and his gross receipt from commission rs. 28000/- and he has maitain books of accounts. as per books of accounts his business loss is rs. 7000/- after claim expenses. so tell me audit of book is mendatory or not

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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23 July 2011 As his total income does not exceed 1.60 lacs, he is not required to get his accounts audited. (Section 44AD(5) )

Ankit Kumar Agrawal

Ankit Kumar Agrawal (Querist)
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01 August 2011 whats will treatment if rs. 28000/- is receipt of firm.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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01 August 2011 What is meant by receipt of firm?
whether the firm is receiving money from partners or from debtors ?

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