Audit report required by bank

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Aslam Khatri (Querist)
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15 October 2013 sir,
i have filled return of AY2013-14 of individual whose t/o in the previous year 2012-13 does not incresed 1 caror and NP % is 10%. on 30-09-2013.not applicable to audit.but the assesee taken cc of rs 50 lacs. and bank demamded audit report.but the assesee is not liable to audit. plz giv solution of above matter.

CA Mehta Ankur N.

CA Mehta Ankur N. (Expert)
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15 October 2013 Solution is in your question. Whatever you have explained in question that you have to explain to bank that assessee is not covered under audit so there is no audit report.

Thats d only solution. Give on your letter head that assessee is out of pirview of audit u/s 44AB of the Income Tax Act'1961.

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Aslam Khatri

Aslam Khatri (Querist)
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15 October 2013 thank u sir for reply

sir we exlain the above matter but the manager forced us have to provid report otherwise pay cc of rs.50lacs. manger not understand our argument.

Aslam Khatri

Aslam Khatri (Querist)
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15 October 2013 sir audit is not applicable so how can v provide report.

CA Mehta Ankur N.

CA Mehta Ankur N. (Expert)
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15 October 2013 Then complain for the same to higher authority or tell that illiterate manager to go & study the thing.

Tell him that we will go to forum for this thing. Give the matter in writing & he have to accept it.

Aslam Khatri

Aslam Khatri (Querist)
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18 October 2013 okk thank u sir

Swati Agarwala

Swati Agarwala (Expert)
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08 August 2014 Hi Aslam.The same situation has occured with one of the client.how did you solve the issue.please reply

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