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U/44ab

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(Querist)
08 February 2013 With effect from AY 2013-14 the threshold limit of total sales, turnover or gross receipts, have be enhanced from 60 Lacs to 1 crore. I am into construction business. My query is that during F.Y. 2012-13 my project is going on. If the turnover is less than 1 crore. Is it necessary to do the audit as the project under construction and because audit was done in previous years
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
08 February 2013 In spite of no requirement has been prescribed under the law still, it is advisable to maintain the continuity.
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In case of a construction Project, generally, gross receipts means Booking amount received. Whereas Sales may be booked according to the completed sale. Both the criteria are to be carefully examined.
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