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..

U S Sharma

U S Sharma (Expert)
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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.