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..??
( 2 ) If in above question if audit is compulsory will deduction of TDS from next year compulsion to them..??
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.
2. Yes, he is liable to deduct TDS from next financial year.
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