audit limit

Every registered taxable person whose turnover during a financial year exceeds the prescribed limit [ note as per the draft rules Turnover limit is above Rs 1 core ] shall get his accounts audited by a chartered accountant or a cost accountant and shall submit to the proper officer a copy of the audited statement of accounts, the reconciliation statement  and such other documents in the form and manner as may be prescribed in this behalf.[ section 44(4)]