07 May 2013
Since, ICAI had imposed a restriction on the number of audits conucted by a Chartered Accountant under section 44AB, by imposing a ceiling of 45 on it.
My query is whether those assessees whose turnover do not exceed the limit speciefied , ex, for the current year limit of Rs. 1 crore for compulsory audit of accounts under section 44AB,
then will the audit of such assessees conducted by a chertered accountant be counted while calculating the limit of 45 imposed by ICAI?
Are you 100% sure that those assessees whose turnover does not exceed 1 crore, get their books audited so that they do not have to show 8 % profit on turnover,
then the audit conducted by a chartered accountant, does not fall in calculating the limit.
Also, if possible, please tell me some proviso in rules set by ICAI that can prove this.
CAclubindia
