Hi
Is it necessary to get book audited to every business man or profeesioner. Or three is any criteria for that.
Pls let me know
8 Replies
Deepak Tapse
(Accounts Manager - Taxation)
(1771 Points)
Replied 07 May 2011
If business/professional turnover is more than specified limit, the audit is must.
Suraj S
(Audit Executive)
(335 Points)
Replied 07 May 2011
As per Section 44 AB of Income tax Act it is mandatory to get the books audited and to file Income Tax Return before 30th Sep for all businesses whose gross receipts exceeds rs. 60 lakhs in the fin. year. 2010-2011. And its mandatory for all professionals whose gross receipts exceeds rs. 15 lakhs....
Sandeep Pandey
(CA FINAL)
(1306 Points)
Replied 07 May 2011
| Originally posted by : Suraj | ||
 |
As per Section 44 AB of Income tax Act it is mandatory to get the books audited and to file Income Tax Return before 30th Sep for all businesses whose gross receipts exceeds rs. 60 lakhs in the fin. year. 2010-2011. And its mandatory for all professionals whose gross receipts exceeds rs. 15 lakhs.... |
 |
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8639 Points)
Replied 07 May 2011
Audit is necessary in the following cases
1. The Sales, Turnover or Gross Receipts from Business exceed Rs. 60 Lakhs
2. The Gross Receipts from Profession exceed Rs. 15 Lakhs
3. The assessee discloses income from business less than required by the sections of Presumtive Taxation i.e Section 44AD and 44AE.
karinabartram
(klhgy5ryt)
(26 Points)
Replied 09 May 2011
Audit Report is required under companies act and it is provided by statutory auditor appointed by shareholders of the company. Audit and especially internal audit is defined as an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
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Real Estate Attorney Miami | Real Estate Attorney Miami Beach
(Guest)
| Originally posted by : Amol Gopal Kabra (CA,CS,DISA) | ||
|
|
Audit is necessary in the following cases 1. The Sales, Turnover or Gross Receipts from Business exceed Rs. 60 Lakhs 2. The Gross Receipts from Profession exceed Rs. 15 Lakhs 3. The assessee discloses income from business less than required by the sections of Presumtive Taxation i.e Section 44AD and 44AE. |
|
ravi.
(article trainee)
(424 Points)
Replied 09 May 2011
himanshu..: how to pay for that classes fees ?
Munish Verma
(Prop.)
(26 Points)
Replied 10 May 2011
|
Audit is necessary in the following cases 1. The Sales, Turnover or Gross Receipts from Business exceed Rs. 60 Lakhs 2. The Gross Receipts from Profession exceed Rs. 15 Lakhs 3. The assessee discloses income from business less than required by the sections of Presumtive Taxation i.e Section 44AD and 44AE. |
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Munish
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