Audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 August 2011 Op.stock Rs. 255000.00
Purchase Rs. 4681113.00
Sales Rs. 4661784.00
Cl.Stock Rs. 594750.00

my gross profit is rs. 61537 & net profit is Rs. 247334/-

do i need to do books of account audited ?

if yes in which section any procedure ?

if no in which section any exemption ?

thanks

pls reply me fast

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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14 August 2011 Yes, you have to do it. As you are not following the provisions of 44AD.

So you have to get them audited u/s 44AB by a Chartered Accountant.

Another option for you is to pay tax on NP of 373000(appx) and get yourself relieved from audit.

Querist : Anonymous

Querist : Anonymous (Querist)

14 August 2011 you means mam,

Rs. 373000/- net profit means before deduction of chapter VIA

Rs. 373000/-
less VIA Rs. 115000/-
Net taxable Income Rs. 258000/-

I.tax payable near Rs. 10,000/-
right ?

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CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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14 August 2011 Firstly i am Sir and not Madam.

Secondly yes thats what i mean to say. If you do so and pay Rs. 10000 appx as taxes then no need to get your accounts audited.

Querist : Anonymous

Querist : Anonymous (Querist)

14 August 2011 sorry sir,
thanks for reply i got it,

if i do audit u/s 44 AD then where i need to submit that audit report ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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14 August 2011 If you get an Audit Report, you have to submit the relevant information in ITR 4 on the basis of the Audit Report. You need not to submit Physical Audit Report unless you
are asked by the AO.