TAX AUDIT
This query is : Resolved
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?
20 July 2011
Not at all necessary.
20 July 2011
if the assessee is individual / HUF then no need to get audited in current year
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.
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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