14 January 2012
Dear expert, Plz clear my confusion,In A.Y.2010-2011 a firm got audited its Profit & loss A/c and B/s under sec44AB even turnover is 35 lacs( below 40lacs) but in A.Y.2011-2012 its turnover is 40 lacs( below 60 lacs) and net profit is 3.5 lacs( more than 8%of sales ), now clear me wheather here audit neccassary because it has audited last year
CAclubindia
