turnover limit for realty developers

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Hardik Shah (Querist)
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24 January 2011 is there a same turnover limit applicable for audit of real estate company which is applicable for other businesses? Because a single house can be sold @ more than rs.60 lac so there should be applicability of audit of accounts? pls. reply

Aditya Maheshwari

Aditya Maheshwari (Expert)
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24 January 2011 Yes the same limit applies.

Also see this link
https://www.caclubindia.com/forum/tax-audit-real-estate-85690.asp

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Hardik Shah

Hardik Shah (Querist)
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26 January 2011 thank you sir for your prompt reply and could you give me the solution for my other query regarding service tax applicability turnover limits of the concern new engaging in the stockbroking business? and if yes hw it's t.o. is calculated?

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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27 January 2011 stockbroking business - Turnover for ST is brokerage earned. If exceeds Rs. 10 lakhs then service tax applicable.