Audit reqired or not
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 May 2012
Dear expert,
I am individual proprietor and my firm turnover was 1276000/- in FY 2011-12 and net profit thereon @.65% comes to Rs.8300/-.
Whether I should get my accounts audited or not, as net profit is below the threshold limit of Rs. 180000/-.
Please advise me.
I am individual proprietor and my firm turnover was 1276000/- in FY 2011-12 and net profit thereon @.65% comes to Rs.8300/-.
Whether I should get my accounts audited or not, as net profit is below the threshold limit of Rs. 180000/-.
Please advise me.
30 May 2012
In your case Section 44AD is applicable. As per sub section 5 of Section 44AD, where the assessee declares a profit of less than 8% AND his total income exceeds the exemption limit is required to maintain books of accounts and get his accounts audited.
In your case, you are showing a profit of less than 8%. However, your total income does not exceed the exemption limit.
Accordingly, you are NOT required to get your accounts audited,
In your case, you are showing a profit of less than 8%. However, your total income does not exceed the exemption limit.
Accordingly, you are NOT required to get your accounts audited,
31 May 2012
Agreed with expert.
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
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- Inventory of finished goods
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- 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?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
