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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

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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)
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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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