Audit u/s 44ab

This query is : Resolved 

05 September 2011 I Want to know if

purchase is Rs.62 Lakhs
Sale is Rs. 42 Lakhs
Net Profit is Rs. 10 Lakhs

Then Whether Audit u/s 44 AB is required
The Case is For Prop.Firm

Give Full Explanation

05 September 2011 Gross turnover is not more than 60 Lacs hence need not to make audit.Net profit is not criteria for tax audit.Gross turnover limit is the main terms for tax audit. Sadashiv Rupchand Gaikwad Tax Experts Nashik

05 September 2011 Agree with Expert.


06 September 2011 Further clarify following:

Since turnover was less than 60 Lacs & income showing more than 8% of the turnover, hence there is no requirement for audit us/s 44ab.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries