Dear Colleagues

Have some doubt, kindly resolve

As per 44AB, If turnover exceeds Rs 1 Cr. Then person (Firm) liable to get tax audit u/s 44AB.

Also a firm can adopt itself under 44AD by showing profit of 8% of total/gross turnover. By adopting this there is no liability on company to get tax audit u/s 44AB.

Also firm who claims that his profits and gains from the eligible business are lower than the 8% and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to get them audited and furnish a report of such audit as required under section 44AB.

So my question is A firm having total turnover:- 50 Lacs
Net Profit :- Nil or Loss

Now whether the firm is liable to get its books audited under sec 44AB????

Rahul

My query is that,when an article founds some discrepancy during the audit,why the chartered accountant,solve that by negotiating with the owner or manager of that company or firm,why he don't qualify or negative the report,just because if he do so he will loose the client?

an employer can give pf of 13.6 % ?

A Company with turnover of Rs. 504739212/- and deals in manufacturing of Steel and iron. Please let me know whether Appointment of Cost Auditor is required or not?

Hi,

Generally we receive the Invoices from our vendors/service providers after a few days (some time weeks) from the issuance of Invoice.

My question is very simple but with some issues...

Q. What should be the date of booking of Invoice in our books of accounts ? (say- Invoice date 15/Jul/15 , Received on 25/Oct/2015, for Consultancy chgs 50,000 + S.tax @ 14% 6000).


Issue 1. TDS Liablity
(From 15-Jul or as from 25-Oct).

Issue 2. S.tax input eligibility
(a. in the m/o Jul or in the m/o Oct).

Issue 3. Accounting Concept
(General trade practices for expense booking).

Issue 4. Audit
(Audit objection if any).

Hi,

If there are more than one crore sales or redemptions made in equity shares and debt instruments,is tax audit applicable to that person.

Thanks

dear sir , we are giving our pvt. ltd. co. A/c for audit(2014-15) but due to no cash exps maintained for April to December by old accountant ,new accountant manually take entry of cash exps (in accumulate basis) and give books of a/c for audit . will there be any issues if they do so ?

Experts,

If one claims net profit less then 8% of turnover he has to get accounts audited.

But if an individual has started business in year end and turnover is zero, there is only purchase and other expenditure, accordingly there is loss that FY. Is he required to get his accounts audited to carry forward loss ?

Thanks.

Please enlighten me about whether the liability of audit u/s 44AD of Income Tax Act arises under the following details of income of an assesse.

COMPUTATION OF INCOME
Income under Head Business & Profession
Profit from Wholesale Trading 65,000
Turnover : 65,00,000 (NP:1%)
Income under Head Other Sources
Interest Income 1,95,000
Total Income 2,60,000
Less: Deduction u/s 80C 11,000
Taxable Income 2,49,000

PARTNERSHIP FIRM

sale 5775000/-

gross profit 526000/-

net profit 2200/-

no partner interest

no partner salary

IS AUDIT REQUIER OR NOT

is 8% formula applicable or not

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