Audit slab rate a.y.2011-2012
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 September 2011
Sir
My firm turn ovet 4500000.00per year and profit 7.12% please give me suggetion and send slab chart that audit are complusery and not .
My firm turn ovet 4500000.00per year and profit 7.12% please give me suggetion and send slab chart that audit are complusery and not .
19 September 2011
From A.Y.2011-12 for business whose gross turnover exceeds Rs.60 lacks and for professionals whose gross receipts exceeds Rs.15 lacks are liable to tax audit under section 44AB. All other business who not liable to tax audit should be offer their income as per section 44AD i.e Minimum 8% profit on their gross turnover if the assessee wants offer lower than that minimum prescribed income then his books should be audited as per section 44AB.
In your case if the your is under professional category then it should be liable for Tax Audit or it is business category if you want offer 7.12% profit then you should be make Tax audit otherwise it is not compulsory for your case.
OM SAI SRI SAI JAI JAI SAI
In your case if the your is under professional category then it should be liable for Tax Audit or it is business category if you want offer 7.12% profit then you should be make Tax audit otherwise it is not compulsory for your case.
OM SAI SRI SAI JAI JAI SAI
20 September 2011
For 44AD your turnover should be less then 60L and the profit should be more than 8%. If your profit is 7.12% then you have to get your books audited and you have to procure tax audit report
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