Confirmation of audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 June 2012 ( 1 ) An individual running business in Financial Year 2011-12 has sales of Rs. 58,00,000/- but he has not shown profit upto 8% instead he has shown profit of Rs. 2,28,000/-.... so is audit compulsory to him for Assessment year 2012-13..??

( 2 ) If in above question if audit is compulsory will deduction of TDS from next year compulsion to them..??

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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20 June 2012 1. Since the assessee has shown profits less than 8% AND his income exceeds the exemption limit, he is required to get his accounts audited.

2. Yes, he is liable to deduct TDS from next financial year.

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