Audit requirements

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

14 May 2013 Does an Indian resident have to go for compulsory audit, if her turnover for the financial year 2012-13 is appx. 90 lacs & her Net Profit is around 3 lacs?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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14 May 2013 Audit turn over limit is different in each acts. in case income tax Rs. 1 Crore for Business and Rs.25 lakh for professional

Querist : Anonymous

Querist : Anonymous (Querist)

14 May 2013 If it is a business turnover, then what are the implications?

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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14 May 2013 Since you turnover in case of business below the limit Rs. 1 Crore, then tax audit not apply under Income tax

Querist : Anonymous

Querist : Anonymous (Querist)

15 May 2013 I got one opinion that since the N.P. is under 8%, I may have to go for audit under presumptive audit requirements. Please give your valued feedback on the same.