Is audit is necessary in that case ? a.y. 2012-13
Querist : Anonymous
Plz let me know wheather audit is necessary in my case that Assessee is partnership firm having income from commission of Rs 400000 and it declare Net profit (after deduction of expenses) of Rs 20000.
Till now they have not maintain Books of Account
Querist : Anonymous
but Plz give reason with reference to IT act, why audit is not neccasary even they declare profit less than 8%.
Querist : Anonymous
what if i maintain books of account, which shows total receipt Rs 400000 and total expenses of Rs 380000 and net profit is 20000 then audit is neccasry or not....
Accordingly, even if you show receipts less than 8%, audit is NOT mandatory.
Section 44AB is applicable to you.
Under Section 44AB audit requirement is based on the total receipts and NOT on income.
Since your total receipts do not exceed Rs 60 lakhs, you are NOT required to get your accounts audited.
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