Ad-Free CAclubindia and daily updates on your mobile. Subscribe Now!

pvt ltd company

Rahul Singh (32 Points)

16 September 2018

If Pvt Ltd Company turnover is 11 lac in 2017-18 then income tax audit is mendetory or not

Reply
Follow
Share

7 Replies

RAJA P M ("Do the Right Thing...!!!") (127601 Points)
Replied 16 September 2018

No need under income Tax.

Upgrade to CAclubindia Pro. Subscribe Now!

Rahul Singh (32 Points)
Replied 16 September 2018

audit under companies act

Santhosh Gundinahole (Studnet) (347 Points)
Replied 16 September 2018

Companies Act doesn't deal with income Tax Audit, you need to follow provisions of IT act

RAJA P M ("Do the Right Thing...!!!") (127601 Points)
Replied 16 September 2018

Yes... Audit required Under Companies Act.

Companies is must audited under companies act irrespective of Turn Over...

So, Income Tax Audit not required based on companies Audit.

Santhosh Gundinahole (Studnet) (347 Points)
Replied 16 September 2018

He is asking Income Tax Audit under companies Act,

As far as I know, companies Act doesn't have any provisions wrt income tax audit.

Following audits are covered under Companies Act.
Statutory Audit
Secretarial audit u/s 204
Cost audit u/s 148

Upgrade to CAclubindia Pro. Subscribe Now!

RAJA P M ("Do the Right Thing...!!!") (127601 Points)
Replied 16 September 2018

My 1st reply to this one :

(If Pvt Ltd Company turnover is 11 lac in 2017-18 then income tax audit is mendetory or not)

-- No need under income Tax.

My 2nd reply to this one :

(audit under companies act)

-- Yes... Audit required Under Companies Act.

Companies is must audited under companies act irrespective of Turn Over...

So, Income Tax Audit not required based on companies Audit

(I'm. not crossed your reply. Bcoz, The both replies posted same time. So, Your reply posted 1st then my reply).