Audit u/s 44ab
This query is : Resolved
Naresh Kumar
(Querist)
05 September 2011
I Want to know if
purchase is Rs.62 Lakhs
Sale is Rs. 42 Lakhs
Net Profit is Rs. 10 Lakhs
Then Whether Audit u/s 44 AB is required
The Case is For Prop.Firm
Give Full Explanation
purchase is Rs.62 Lakhs
Sale is Rs. 42 Lakhs
Net Profit is Rs. 10 Lakhs
Then Whether Audit u/s 44 AB is required
The Case is For Prop.Firm
Give Full Explanation
05 September 2011
Gross turnover is not more than 60 Lacs hence need not to make audit.Net profit is not criteria for tax audit.Gross turnover limit is the main terms for tax audit. Sadashiv Rupchand Gaikwad Tax Experts Nashik
sharma.ctc@gmail.com
(Expert)
05 September 2011
Agree with Expert.
CA. Nitin Agrawal
(Expert)
06 September 2011
Further clarify following:
Since turnover was less than 60 Lacs & income showing more than 8% of the turnover, hence there is no requirement for audit us/s 44ab.
Since turnover was less than 60 Lacs & income showing more than 8% of the turnover, hence there is no requirement for audit us/s 44ab.
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