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Is audit applicable

Others 748 views 1 replies

SURAJ

JR ACCOUNTANT

43 Points Joined January 2012

I’m working with a proprietorship construction contractor, nature of business is supply of labour and materials for construction work, we have recently cross 20000000/-(two crore) turnover A.Y-12-13, we have service tax, VAT, & PF, and we have not yet paid any profession tax and we also don’t have the profession tax number.

Are we liable for any kind of audit?

If yes then, what is the procedure?

What are the documents that I should keep for audit?

I would be appreciating if you could provide me the document list that I should keep for our audit.

e-mail- surajpradhan1978 @ gmail.com

Please help me

Regards

Suraj

Replies (1)

Giridhar S Karandikar

Team Lead

7558 Points Joined November 2011

As per section 44AB of the I-T act if the turnover of the fimr crosses the 60lacs mark till F.Y. 2011-12 then the firm is liable to get it's account audited from a Chartered Accountant & file the retunr with the TAx Audit Report on or before 30.09.2012.

The accounts are requried to be maintained by the firm. the following books of accounts are requried to be prepared:

Cash Book

Bank Book

Fixed Assets Register

Purchase REgister

Sales REgister

Journal Vouchers

Purchase Vouchers

I guess you can maintain your accounts in Tally. You will be requried to take a Profession tax number. As you are liable for Audit in the F.Y.2011-12, you will be liable to make TDS for the paymetns to contractors, professionals from the current F.Y. i.e. 2012-13. Also you will be required to file an quarterly TDS reutrn.

Please contact a C.A. having a office in your locality & he will advise you.