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TAX AUDIT

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(Querist)
20 July 2011 IF SUPPOSE LAST YEAR THERE WAS TAX AUDIT OF A COMPANY. AND IF IN CURRENT YEAR HIS TURNOVER DOESNOT EXCEED RS 60 LAC/- .THEN IS IT NECESSARY TO HAVE A TAX AUDIT FOR THE CURRENT YEAR?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
20 July 2011 Not at all necessary.
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U S Sharma

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U S Sharma (Expert)
20 July 2011 if the assessee is individual / HUF then no need to get audited in current year
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CA Ashwani Agarwal

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CA Ashwani Agarwal (Expert)
20 July 2011 But make sure that you are following section 44AD. It means that you have to show 8% NP of your Gross Turnover.
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Amol Gopal Kabra (CA,CS,DISA)

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Amol Gopal Kabra (CA,CS,DISA) (Expert)
20 July 2011 Not only Individual / HUF, any assessee if the turnover doesnot exceed Rs. 60 Lakhs and the Net Profit Ratio is at least 8% of Turnover, then no need to get books of accounts audited u/s 44AB irrespective whether audit was applicable in any earlier years.
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