Audit req?

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Mallika Shah (Querist)
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28 November 2012 an pvt ltd co has profit as per its P&L account, but due to dep difference as per books of accounts and companies act, there is loss.tax is payable as per mat provisions
is audit u/s 44ab required to be done

CA. Subhash Dangi

CA. Subhash Dangi (Expert)
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28 November 2012 If turnover of the company exceeds Rs.60 lakhs for the FY 2011-12, then the provisions of Section 44AB apply to get the accounts to be tax audited.

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CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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28 November 2012 Audit as per companies act is mandatory
and audit as per Income Tax act is required only if the Gross Turnover or Gross receipts of the business exceeds Rs.60 Lacs

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