U/44ab
This query is : Resolved
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
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.
.
.
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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