Audit reqired or not
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 May 2012
Dear expert,
I am individual proprietor and my firm turnover was 1276000/- in FY 2011-12 and net profit thereon @.65% comes to Rs.8300/-.
Whether I should get my accounts audited or not, as net profit is below the threshold limit of Rs. 180000/-.
Please advise me.
I am individual proprietor and my firm turnover was 1276000/- in FY 2011-12 and net profit thereon @.65% comes to Rs.8300/-.
Whether I should get my accounts audited or not, as net profit is below the threshold limit of Rs. 180000/-.
Please advise me.
30 May 2012
In your case Section 44AD is applicable. As per sub section 5 of Section 44AD, where the assessee declares a profit of less than 8% AND his total income exceeds the exemption limit is required to maintain books of accounts and get his accounts audited.
In your case, you are showing a profit of less than 8%. However, your total income does not exceed the exemption limit.
Accordingly, you are NOT required to get your accounts audited,
In your case, you are showing a profit of less than 8%. However, your total income does not exceed the exemption limit.
Accordingly, you are NOT required to get your accounts audited,
31 May 2012
Agreed with expert.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Taxable or Tax exempt
- NRI starting business in India
- ITDS U/S.194T of Firm
- ADVANCE PAYMENT OF ADVOCATE
- CREDIT NOTES WITHOUT GST
- TDS ON EMAIL DOMAIN SERVICE BILL
- Eway bill not cancelled within 24 hous what can be due
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- GST rate and HSN code for sale of racing horses
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
