Audit Applicable or not?
This query is : Resolved
19 March 2009
R/sir,
One is engaged in construction of buildings & he recd. rs 65,20,000/- during year as adv. from customers. During the year there is no sale. Is audit is applicable or not?
One is engaged in construction of buildings & he recd. rs 65,20,000/- during year as adv. from customers. During the year there is no sale. Is audit is applicable or not?
19 March 2009
If this is advance there is no audit required under income tax act. However if you client is a Company (pvt. ltd or ltd.), you need audit every year as per Company Act.
19 March 2009
Depends upon the method of accounting followed by the assessee.
If it is cash, then yes.
If it is accrual, then no.
If it is cash, then yes.
If it is accrual, then no.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- SEC 54 OF IT ACT
- REGARDING GST ON COMMERICIAL PROPERTY
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Is Aadhar PAN linking required for opening bank account?
- Form 26QB for TDS on property
- Where to show the RCM on Rent paid to unregistered landlord
- RCM - commercial rent paid to URP under GST
- Payable outstanding for years disallowance
- TDS NUMBER SURRENDER
- GST rate for millets.
- What is paid meaning under form
- Consequences of short and excess provision of expenses
- Provision for income tax and adjustment entry
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
