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Easy Office

Liability of audit

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(Querist)
02 May 2013 Sale of business is 8000000 for A/Y 2013-14.
Profit is 160000. Whether there is any liability for Audit.
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CA Vikas Acharya

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CA Vikas Acharya (Expert)
02 May 2013 audit required if turnover exceeds 1 crore. for 80 lacs no audit required.
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Manish Singh

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Manish Singh (Querist)
03 May 2013 In above case profit is Less than 8% of turnover, whether still audit is required.
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CA Vikas Acharya

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CA Vikas Acharya (Expert)
03 May 2013 audit required in that case, u can't show profit for less than 8%.
even if you maintaining books, and turnover less than 1 crore.
sorry i din't notice that its 8% less.
thank u for correcting..

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