Whether Audit is required
This query is : Resolved
09 August 2008
One of my client is contractor, his previous year Gross Billing was Rs. 45 Lacs but actual cash receipt is below Rs.40 lacs . TDS was also deducted on Rs. 45 Lacs.Whether return can be filed on cash basis as the balance receivable amount is disputed, may be received or may not be or audit is required.
and if audit is required what is the remedy for disputed amount.
please reply with accounting standard.
This is the first year of business.
and if audit is required what is the remedy for disputed amount.
please reply with accounting standard.
This is the first year of business.
09 August 2008
Audit is required U/s 44AB of Income Tax Act.
CA Hemant T Dewani
(Expert)
09 August 2008
if you are maintain cash basis followed continuslly & prove it the books are maintain on cash basis then tax audit should not be apply you will follow icai's guidance note regarding this matter
S.Srinivasaraghavan
(Expert)
09 August 2008
Yes I agree with mr.Dewani.
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