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Regarding income tax audit

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This query is : Resolved

Bhagwan Shankar Rachha (Querist)

10 December 2011 Dear All,

Please advice to us about the Income Tax Audit, If TOR cross the 60 lacs its required to audit of income tax file, but TOR not cross to above 60 lacs its required to audit the file. Another thins Its any fixed % of P & L income have to show i.e not below 8% on TOR, other wise its required to audit.

Pl. advice the on the same

Thanks in advance to all.

Regards
Bhagwan

CA Sreenivasa Rao Munaga

CA Sreenivasa Rao Munaga (Expert)

10 December 2011 As per the Income Tax Act provision, if gross turnover exceeds 60 lacs then your books of accounts should be audited by a CA. However if your turnover does not exceed 60 lacs and if you want to show a profit of less than 8% of sales, then, again your books of accounts need to be audited by a CA

Thanks,
CA M Sreenivasa Rao.

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