Is audit is mandatory in that case ?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 January 2012
Dear expert,
Plz clear my confusion,In A.Y.2010-2011 a firm got audited its Profit & loss A/c and B/s under sec44AB even turnover is 35 lacs( below 40lacs) but in A.Y.2011-2012 its turnover is 40 lacs( below 60 lacs) and net profit is 3.5 lacs( more than 8%of sales ), now clear me wheather here audit neccassary because it has audited last year
Plz clear my confusion,In A.Y.2010-2011 a firm got audited its Profit & loss A/c and B/s under sec44AB even turnover is 35 lacs( below 40lacs) but in A.Y.2011-2012 its turnover is 40 lacs( below 60 lacs) and net profit is 3.5 lacs( more than 8%of sales ), now clear me wheather here audit neccassary because it has audited last year
14 January 2012
No, Tax Audit is not required as turnover is below the Limit, it was not required in earlier AY also.
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