Purchase for financial year 2010-2011 is 50 lakhs ,closing stock of previous year brought into profit lost statement is 6 lakhs and profit is say 5-6 lakhs(excluding indirect expenses).

Sales say 43 lakhs and closing stock for this year somewhere around 15-25 lakhs.

I am confused regarding purchase part as i have seen too many topics on forum where people suggest even if purchase surpasses the limit audit becomes necessary though sales to be lower than that.

WHile deciding tax audit is it necessary to include gross profit and old stock(of previous year) in purchase for deciding turnover or gross receipts of this year.

As the limit is now 60 lakhs.If some proprietor have purchase of less than 60 lakhs but closing stock and net profit brings the total to above 60 lakhs does it lead to tax audit.

In sense does purchase include closing stock of last year and taxes like vat and profit at 10% on purchase to be part of gross turnover?

DEAR EXPERTS , PLEASE PROVIDE ME THE DETAILS ABOUT HOW TO DO LEDGER SCRUTINY OF ACCOUNTS IN AUDITING?
STATE THE RELEVANT POINTS IN THAT REFERENCE....

XYZ PVT. LTD. IS HAVING A BROUGHT FORWARD P&L OF RS. 4766510 AND EQUITY PREMIUM A/C OF RS. 284000. WHETHER THE CARO IS APPLICABLE TO THE CO.? SALES AND UNSECURED LOAN IS NOT MORE THEN THE SPECIFIED LIMIT.

Sir,

i want to know about "Performance Materiality"

Please Let me Know.

Thanks

weather window installation charges & ms office intallation charges at the time of purchase of computer be added 2 cost of computer or be treated as software..?
:

weather insurance charges charged on motorvehicles at the time of purchase be capitalised,or be charged 2 revenue

Sir an assessee wanted me to prepare his balance sheet for the period 01-04-2010 till 31-01-2011.
I have prepared the balance sheet. Now he also wants me cerify the prov. Balance Sheet as he is applying for enhancement of Credit Limit.
Can I certify prov. B/s?
If yes then what disclosure should i give along with my attestation?

what is difference between statutory audit and internal audit???????????