Income tax return & Audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 May 2011
Hello sir,
Good Morning,
I have a query related to my business, i am a retailer of grain,oil & provision items which we use daily, now F.Y.09-10 my t.o (sales) goes near to 39 lacs then F.Y. 10-11 its goes to 56 lacs sales & stock is near to 6.5 lacs
i am explaining in details,
op.stock rs. 5 lacs
purchase rs.52 lacs
sales rs. 56 lacs
clo. stodk rs. 6 lacs
gross profit rs. 5 lacs
less expenses rs. 3 lacs
net profit rs. 2 lacs
tax on taxable income is 4000 + edu cess 3%
it is right or wrong ?
one more thing, do i have to file income tax return with regular book of account or as i have not done regular account, do i file as not maintain book of account and write in itr just debtors,creditors,stock,cash balance & gross profit/expense/net profit
and most important do i need to audit my books of account due to cross the t.o of rs. 60 lacs with stock....
thanks for listening me..
Good Morning,
I have a query related to my business, i am a retailer of grain,oil & provision items which we use daily, now F.Y.09-10 my t.o (sales) goes near to 39 lacs then F.Y. 10-11 its goes to 56 lacs sales & stock is near to 6.5 lacs
i am explaining in details,
op.stock rs. 5 lacs
purchase rs.52 lacs
sales rs. 56 lacs
clo. stodk rs. 6 lacs
gross profit rs. 5 lacs
less expenses rs. 3 lacs
net profit rs. 2 lacs
tax on taxable income is 4000 + edu cess 3%
it is right or wrong ?
one more thing, do i have to file income tax return with regular book of account or as i have not done regular account, do i file as not maintain book of account and write in itr just debtors,creditors,stock,cash balance & gross profit/expense/net profit
and most important do i need to audit my books of account due to cross the t.o of rs. 60 lacs with stock....
thanks for listening me..
23 May 2011
as the net taxable profit is under 8%, you have to get your accounts audited u/s 44AB and file return,
for maintanance of records get in touch with your auditor.
for maintanance of records get in touch with your auditor.
25 July 2025
https://docs.google.com/document/d/1L4863-QQC0q_KOGT6vchcnZzqRxo5vYT1fR9bWrW0-4/edit?usp=sharing
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