16 April 2011
i have mineral ind. doing crushing of stone,finshed good of powder my sales t.o is rs. 56 lacs in f.y 10-11 and stock is rs. 7 lacs Do i need to do income tax audit of my factory or not ?
wht should I hv to do ?
please give me the limit and situation when i have to get audited our books of acc. ?
16 April 2011
You have to declare net income @ 8% or else you have to get your books audited u/s. 44AB. Compulsory tax audit is required only when the turnover exceeds Rs. 60 lacs. As your turnover is below 60 lacs you have the option to declare your net income @ 8% of turnover without audit.
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