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Querist : Anonymous

Querist : Anonymous (Querist)

16 April 2011 i have mineral ind. doing crushing of stone,finshed good of powder
my sales t.o is rs. 56 lacs in f.y 10-11 and stock is rs. 7 lacs
Do i need to do income tax audit of my factory or not ?

wht should I hv to do ?

please give me the limit and situation when i have to get audited our books of acc. ?

Thank you all

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

16 April 2011 Threshold limit for tax audit is Rs.60lacs. In view of that, the case cited will not come under the purview of tax audit.

Ratan Sharma

Ratan Sharma (Expert)

16 April 2011 You have to declare net income @ 8% or else you have to get your books audited u/s. 44AB. Compulsory tax audit is required only when the turnover exceeds Rs. 60 lacs. As your turnover is below 60 lacs you have the option to declare your net income @ 8% of turnover without audit.

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