Is Audit Compulsory? In INDIA?
Hi There,
Can some one backing me out surrounded by charge rules (INDIA).
My enquiry is:
1) Above what turnover integer is Audit become compulsory?
2) Say if my turnover is 1Crore and Gross Profit is below 10Lks later do I come
beneath the Audits?
3) Say if my turnover is 1Crore and Gross Profit is below 5Lks next do I come
Under the Audits?
Is Audit to be carried depending upon the turnover numeral or gross profits??
Answers:
Hi,
According to slot 44AB of the Income excise Act 1961, Tax Audit is compulsory, surrounded by crust of business if total turnover exceed Rs.40,00,000/- and in the satchel of profession, if gross taking exceed Rs.10,00,000/-.
Further Tax Audit is not base on your profit, it is base on your turnover hence irrespective of income from business, Tax Audit is mandatory. i.e Even your income is smaller number than 10 lac,or 5 lac, if total turnover from busines exceed 40 lac Tax Audit is compulsory.
audit is compulsory in india. if u r turnover is smaller quantity than 5 lakhs u hold no necessitate to profile the return otherwise u enjoy to profile the returns. if u r profit exceeds correct closing date again u own to folder income import tax return contained by the respective year underneath indian income import tax work 1961.
paying the auditor for a false and fabricated report is compulsory. if you try anything else the CII,FICCI, ASSOCHEM etc will mow you down as they do not want a spoiled egg in their picnic basket.
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Can some one backing me out surrounded by charge rules (INDIA).
My enquiry is:
1) Above what turnover integer is Audit become compulsory?
2) Say if my turnover is 1Crore and Gross Profit is below 10Lks later do I come
beneath the Audits?
3) Say if my turnover is 1Crore and Gross Profit is below 5Lks next do I come
Under the Audits?
Is Audit to be carried depending upon the turnover numeral or gross profits??
Answers:
Hi,
According to slot 44AB of the Income excise Act 1961, Tax Audit is compulsory, surrounded by crust of business if total turnover exceed Rs.40,00,000/- and in the satchel of profession, if gross taking exceed Rs.10,00,000/-.
Further Tax Audit is not base on your profit, it is base on your turnover hence irrespective of income from business, Tax Audit is mandatory. i.e Even your income is smaller number than 10 lac,or 5 lac, if total turnover from busines exceed 40 lac Tax Audit is compulsory.
audit is compulsory in india. if u r turnover is smaller quantity than 5 lakhs u hold no necessitate to profile the return otherwise u enjoy to profile the returns. if u r profit exceeds correct closing date again u own to folder income import tax return contained by the respective year underneath indian income import tax work 1961.
paying the auditor for a false and fabricated report is compulsory. if you try anything else the CII,FICCI, ASSOCHEM etc will mow you down as they do not want a spoiled egg in their picnic basket.