Limit for audit signature
This query is : Resolved
10 April 2012
If a partnership firm has turnover of Rs.70,00,000/-. Is aduit and auditor's signature necessary?
Thanks
swapna
Thanks
swapna
10 April 2012
for FY 11-12 audit is required. for fy 12-13 audit is not required for Income Tax
10 April 2012
YES,TAX AUDIT U/S 44AB FOR ASSESSMENT YEAR 12-13 TURNOVER NOW 1 CRORE OR ABOVE.
10 April 2012
Small correction. The limit of turnover of Rs. 1 crore for mandatory tax audit is from AY 2013-14. Hence even for AY 2012-13 also, turnover limit is Rs. 60 lacs. Hence, tax audit in this case is mandatory.
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