banner_ad

When is audit requires to be done????

Others 1101 views 1 replies

What is the requirement of audit to be carried out..

1. Sales above 40 Lacs and

2. Transaction in bank above 10 lacs. But i want ans to what does this transaction means for audit.

Balance on any one day in any FY above 10 lacs or total dr or cr?????

Case :

If G Sells business to A and take a DD of Rs. 13 lacs and deposit in personal bank A/c the does G will have to het his books of accounts audited.?

Also tell me the other way he can take  money and deposit in bank but there should not be compulsion to carry out audit in that way?

Can G do this that he may take 9 lacs in DD and other 4 lacs in cash??????

Replies (1)

The tax audit is required when the revenue receipt crosses the limit.ie. 15lakh from the FY 10-11.

 

any way what u r receiving is not a revenue receipt it is a capital receipt. so no tax audit is required.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
07 June 2026
Tax Associate

Rajkumar Jain & Co.

Ahmedabad

Graduate (Any)

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details