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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

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

CA Prashant Gupta (Expert)
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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.

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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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