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44AB Query

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(Querist)
01 June 2011 Assessee has business of manufacturing machines and also provide installation facility. His got Rs 41 Lacs as business receipts & Rs15.07 Lacs (cum service tax) as installation charges (total Rs 56.07 Lacs). Is he required to get his account audited?
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CA KRISHNA KUMAR DARUKA

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CA KRISHNA KUMAR DARUKA (Expert)
02 June 2011 No tax audit is required as his gross receipts/turnover is less than 60 lakhs.
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Praveen Sharma

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Praveen Sharma (Expert)
02 June 2011 agree with expert.
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Gourav Kapoor

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Gourav Kapoor (Querist)
02 June 2011 thanks all....
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
02 June 2011 But he has to get his accounts audited in case he shows Net Profit less than 8% of turnover.

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