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This query is : Resolved
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
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
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.
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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