Audit is necessary

If business/professional turnover is more than specified limit, the audit is must.

As per Section 44 AB of Income tax Act it is mandatory to get the books audited and to file Income Tax Return before 30th Sep for all businesses whose gross receipts exceeds rs. 60 lakhs in the fin. year. 2010-2011. And its mandatory for all professionals whose gross receipts exceeds rs. 15 lakhs....

Audit is necessary in the following cases

1. The Sales, Turnover or Gross Receipts from Business exceed Rs. 60 Lakhs

2. The Gross Receipts from Profession exceed Rs. 15 Lakhs

3. The assessee discloses income from business less than required by the sections of Presumtive Taxation i.e Section 44AD and 44AE.

  Audit Report is required under companies act and it is provided by statutory auditor appointed by shareholders of the company. Audit and especially internal audit is defined as an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.

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Audit is necessary in the following cases 1. The Sales, Turnover or Gross Receipts from Business exceed Rs. 60 Lakhs 2. The Gross Receipts from Profession exceed Rs. 15 Lakhs 3. The assessee discloses income from business less than required by the sections of Presumtive Taxation i.e Section 44AD and 44AE.

Munish