Saurabh Aggarwal (Chartered Accountant) (371 Points)
01 July 2009One of my friend is having dealings in shares for more than 40 lkhs in the year 2007-08 thats why he got his books audited. But during the year 2008-09 his dealings in shares were only restricted to Rs 29 lakhs. So is it necessary for him to get his books audited in this year also. If yes then please mention the section under which it is to be audited.
Thanks & Rgards
Saurabh Aggarwal
CA. Gurdeep Singh Chawla
(C A)
(7080 Points)
Replied 01 July 2009
its not necessary to get his books audited
RITESH KOTHARI
(B.COM, FCA, DISA(ICAI))
(778 Points)
Replied 01 July 2009
tax audit is not necessary this year
Yogesh Shah
(Managing Corporate Finance)
(1051 Points)
Replied 01 July 2009
Dude Saurabh,
Provisions of Sec. 44AB (Statutory Audit) are applicable on a yearly turnover basis.
If in this year, ur frnd. is not having 40 lacs turnover, he will not be liable for an Audit u/s. 44AB.
praveen
(Chartered Accountant)
(6971 Points)
Replied 02 July 2009
yes he is not liable to get his books audited. but has to maintain proper books of accounts.
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9060 Points)
Replied 09 July 2009
not liable
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