Matter of audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 March 2012 i wanted to know maximum no of attempts for ipcc do they count separately each group or as a total .i registered for ipcc in aug 2009
till now i hav given 4attempt in 1st group & only one in 2nd group &this time i hav registered for exam for 1st group only but after seeing the query that maximum 5 attempts and all i hav doubt that if i pass this time in 1st group will i be eligble to write 2nd group with 1st registration period only pls help im very confused now

Guest

Guest (Querist)

31 March 2012 gud evening to all experts,
supoose sir i have 5 truck and my gross turn tover above 60 lakh.
1-if i wil profit less than 8 % than will i audited my account
2- if i will show profit 8 % than will i audited my account

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 March 2012 Firstly since you are in the business of trucks, you are covered u/s 44AE.

Section 44AE has no criteria for turnover. The only condition is that the assessee should not own more than 10 trucks at any time during the year.

Minimum income is NOT 8%. It is as under:

Heavy vehicle - Rs. 5,000/- per month per truck.
Other vehicle - Rs. 4,500/- per month per truck.

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