Liability of audit
This query is : Resolved
02 May 2013
Sale of business is 8000000 for A/Y 2013-14.
Profit is 160000. Whether there is any liability for Audit.
Profit is 160000. Whether there is any liability for Audit.
02 May 2013
audit required if turnover exceeds 1 crore. for 80 lacs no audit required.
03 May 2013
In above case profit is Less than 8% of turnover, whether still audit is required.
03 May 2013
audit required in that case, u can't show profit for less than 8%.
even if you maintaining books, and turnover less than 1 crore.
sorry i din't notice that its 8% less.
thank u for correcting..
even if you maintaining books, and turnover less than 1 crore.
sorry i din't notice that its 8% less.
thank u for correcting..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- TDS on property - Form 141 query
- ASMT-10 received from A O
- NRI INSURANCE ADVISOR
- Reporting in TDS return
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
