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Audit and ROC returns

227 views 3 replies

Ramesh Gupta

Others

27 Points Posted on 25 January 2021

Hi,

I am an IT consultant. I work at a company and also teach at an educational institute.

I registered a proprietorship in 2017 and since then I have been paying service tax/GST properly.

I file ITR3 typically since it takes care of both my salary income as well as consultation income.

I recently heard about ROC returns -- do I need to file them?

My income from consultation has not crossed 50 lakhs but my overall income is more. Do I need to get audited?

Please let me know.

Regards,

Ramesh

Replies (3)

ayusmita

Tax consultant

5895 Points Posted on 25 January 2021

In my opinion I don't think you need a ROC being a proprietarship
to tell you need audit or not is depends upon many factors
what is your overall income if it crosses 80 lakh being better to audit

Ramesh Gupta

Others

27 Points Posted on 01 February 2021

Thanks a lot for your time, Ayusmita.
I always thought that audit needs to be done if professional income from consultation crosses 50 lakhs.
In my case, my overall income is >1cr. My salary income is more. But my professional income from consultation is <50 lakhs.
In that case, should I get audit done? Please let me know.
Also, typically how much time/money does a typical audit cost?