banner_ad

turn over

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
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
Profile Image

Bhaskaran Chackrapani Warrier

Profile Image

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.
Profile Image

Ratan Sharma

Profile Image

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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details