Mahesh Babu (Practicing) (112 Points)
03 April 2009hi,
during the previous year 2007-08, a person had his turnover crossing 40Lakhs for the first time and got his books audited by a CA.
however in the current year, the turnover does not cross 40 Lakhs. should he get his books audited by a CA in the current year also.
Pranay Shukla
(CA)
(52 Points)
Replied 03 April 2009
Books should be audited only of the financial year in which turnover exceeds Rs.40 lakh. So when in later year turnover is less than that limit books need not be audited. But this limit is not for company and TDS provision must be complied in later year of audit.
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