I am having a turnover of 12lakhs in the 2010-11. Is it necessary to maintain books and Audit certificate is must. when filling returns my profit from this business will be 163000. i feel since my profit is 13% not required to audit. IS it necessary to get signed by a audit in my P&l & B/s for IT and banking purpose.
27 July 2011
A Tax audit will be required only if the turnover crosses 60 Lacs in case of other business and 15 lacs in case of Professionals. Since it is only 12 lacs, this is not applicable.
For IT filing it is not necessary to get it audited. For banking purposes, You may need to get the figures certified, only if the bank specifically asks for the same.
Statutorily, no audit certification needs to be done.
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