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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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

There are separate individual charitable homes, if one home gets closed and the money is being transferred to the main home, which will be utilized for the opening of another charitable home in the future. How it is to be treated as a revenue income or capital receipt.

kindly guide me -- I am an individual and last year for 31.3.2014 i had got tax audit done as i was not sure and on the safe side got my income tax audit done. now i want to do the tax audit this year also but i want to know can i change my C A for the same and if yes then is a NOC required by the previous C A thanks

explain about dual dating

I was appointed auditor for 5 years in the last AGM held September 2014. After completing the audit for 2014-15 F.Y. I wish to discontinue for health conditions.Can I submit a written unwillingness to the company before the ensuing AGM or do I have to resign and file ADT3 and follow the procedure for resignation.

how much percentage is to be charged on an asset of the company as per conmpanies act 2013 ? and how to find the purchasing price of that asset at the time of 20 years ago. i read the schedule ll but no % is mentioned

Can anybody Provide me the Latest Audit Format(having different Opinions) issued by ICAI Last Month or before. Iam not getting anywhere latest format.