Tax audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 February 2014 Dear Concern,

i need ur valuable suggestion on..my firm turnover is 64lac in FY 11-12,i filled ITR of 199883 ( FY 12-13)..should my firm need audit ? i involve in business of Fruit & Vegetable

Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 February 2014 yes. you need to mention the tax audit details and also submit tax audit report online in accordance to section 44AD read with 44AB.

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Querist : Anonymous

Querist : Anonymous (Querist)

18 February 2014 Dear Nikhil

As i have counsulted the concern field expert he suggested that there is no need for Audit becoz margin is less than 8% (in business margin is just 6% in fruit & vegetable)
...second thing is that my taxable income is less than 2lac in FY 12-13

Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 February 2014 i agree to the second part that if the income is less than exempted limit, there is no requirement for the audit. However, the margin point is wrong.

Also, for determining total income you also need to include other incomes. If on account of other incomes you total taxable income exceed Rs 2 lakhs, you shall become liable for tax audit also.

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