Matter of audit query
This query is : Resolved
Guest
Guest
(Querist)
28 March 2012
gud morning sir,
i m a transporter and sir i have 5 truck for goods carriage.and sir my gross turnover aprox 75 lakh than will i audited my account
i m a transporter and sir i have 5 truck for goods carriage.and sir my gross turnover aprox 75 lakh than will i audited my account
28 March 2012
Since the number of trucks owned by you are less than 10, you are covered by Section 44AE and accordingly you need not get your accounts audited if you show the minimum income as required by the said Section.
However, if you show the income below the minimum limit, then you will have to maintain books of account and also get your accounts audited.
However, if you show the income below the minimum limit, then you will have to maintain books of account and also get your accounts audited.
Guest
Guest
(Querist)
28 March 2012
means sir if i will show profir less than 8 % than i will audited my account
CA Prashant Gupta
(Expert)
28 March 2012
No if show income less than Rs. 5000/- per month per truck then you have to get the accounts audited.
In case of 5 trucks if you show income of Rs. 300000(12*5000*5 trucks) or higher, you will not need to get audited.
In case of 5 trucks if you show income of Rs. 300000(12*5000*5 trucks) or higher, you will not need to get audited.
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28 March 2012
The amount is Rs. 5,000/- per truck per month for heavy goods vehicle and Rs. 4,500/- for light goods vehicle.
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