Turnover upto 37 lakh is auditable or not ?

This query is : Resolved

Sandeep (Querist)
Follow

29 May 2012 Dear Sir, I want to know that someone's cloth trading business in FY-11-12 turnover 37 Lakh & he could not show profit is 8% & he show profit 3%, so, his accounts is auditable or not ? What can he do ? Please suggest me. Thank You

Guest

Guest (Expert)

29 May 2012 Yes in this case accounts are required to be audited.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

30 May 2012 In your case Section 44AD is applicable. As per sub section 5 of Section 44AD, where the assessee declares a profit of less than 8% AND his total income exceeds the exemption limit, he is required to maintain books of accounts and get his accounts audited.

In your case, you are showing a profit of
less than 8%, which comes to Rs. 1,11,111.

Your total income does not exceed the exemption limit.

Accordingly, you are NOT required to get your accounts audited,

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

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

office docs

Arun Borad

MUNISH KUMAR

RISHI LATTA

CA Aakarsh Jain

Subscribe Now

Turnover upto 37 lakh is auditable or not ?

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

Manager- Finance and Compliance

CA Final

Senior Executive

GST CONSULTANCY

GST CONSULTANT