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Audit and ROC returns

Ramesh Gupta (Others) (25 Points)

25 January 2021

Hi,

I am an IT consultant. I work at a company and also teach at an educational institute.

I registered a proprietorship in 2017 and since then I have been paying service tax/GST properly.

I file ITR3 typically since it takes care of both my salary income as well as consultation income.

I recently heard about ROC returns -- do I need to file them?

My income from consultation has not crossed 50 lakhs but my overall income is more. Do I need to get audited?

Please let me know.

Regards,

Ramesh

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3 Replies

ayusmita (Tax consultant) (5885 Points)
Replied 25 January 2021

In my opinion I don't think you need a ROC being a proprietarship
to tell you need audit or not is depends upon many factors
what is your overall income if it crosses 80 lakh being better to audit

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Ramesh Gupta (Others) (25 Points)
Replied 01 February 2021

Thanks a lot for your time, Ayusmita.
I always thought that audit needs to be done if professional income from consultation crosses 50 lakhs.
In my case, my overall income is >1cr. My salary income is more. But my professional income from consultation is <50 lakhs.
In that case, should I get audit done? Please let me know.
Also, typically how much time/money does a typical audit cost?