Regarding income tax audit
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
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
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.
Thanks,
CA M Sreenivasa Rao.
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