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..
U S Sharma
(Expert)
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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