Regarding income tax audit

This query is : Resolved

Bhagwan Shankar Rachha (Querist)
Follow

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)
Follow

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.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

George Innocent

SUBHASH SAHA

Narendra

Krishnaveni karur

KRK

Subscribe Now

Regarding income tax audit

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Senior Executive

Manager- Finance and Compliance

CA Final

Accountant

GST CONSULTANCY