Audit of private limited company
This query is : Resolved
PRASAD NALLALA
(Querist)
15 April 2015
Hello sir,
I have a small doubt some case that is there is a private ltd company which is incorporated on 1st Nov 2014 with authorized capital of Rs 1,00,000.00 and in first year ending it has a very low turnover i.e., below 1 lakh due to lack of proper marketing.
So here what is my query is that is it mandatory to get it's accounts audited to file ITR-6 or not
Please let me know the answer to the above
I have a small doubt some case that is there is a private ltd company which is incorporated on 1st Nov 2014 with authorized capital of Rs 1,00,000.00 and in first year ending it has a very low turnover i.e., below 1 lakh due to lack of proper marketing.
So here what is my query is that is it mandatory to get it's accounts audited to file ITR-6 or not
Please let me know the answer to the above
CA Subham Verma
(Expert)
15 April 2015
Under income tax act all companies is required to get audited and file itr irrespective of turnover or profit/loss.
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